Cryptocurrency enthusiasts now have an additional tool at their disposal to exchange their assets to fiat. UK-based Payglobal provides a vehicle that allows registered users to receive fiat through bank transfers, debit cards, other payment platforms and, now Bitcoin Core (BTC) and Ether (ETH).
The platform is only available to users in the European Union, Australia, Mexico, Singapore and Nigeria and only supports the two aforementioned digital currencies. However, Payglobal is working to introduce its service to other countries and will add support for additional crypto as it moves forward.
The company views the system as “revolutionary” for the finance industry and states that it will allow people to access and use their crypto assets anywhere around the globe. Undoubtedly, until crypto is directly accepted as a form of payment, being able to easily convert assets to fiat is a huge step forward.
Users have to register on the company’s website, payglobal.me, and submit to a Know Your Customer (KYC) verification process. Users have to provide valid government-issued ID, verify their phone number and provide a proof of address to register and, once this is complete, have access to an array of currency options.
According to Payglobal CEO Giora Tal, “Converting cryptocurrency to fiat money and sending it to your existing bank card through our regulated e-wallet platform provides customers with a quick and easy way to access their funds worldwide. The way we can transfer money from person to person, or company to a person is constantly evolving and we are delighted to be the pioneers paving these new payment channels.”
To conduct a transaction, the user selects the fiat they want to withdraw and then make the corresponding payment in crypto. When the transaction is complete, the available balance in fiat will be displayed on the user’s dashboard and, from there, the fiat can be transferred to a Visa debit card. There is a minimum transfer amount of €5 (about $5.67) and a maximum of €1,000 ($1,137).
There are already a number of debit cards offered that are tied to crypto assets; however, Payglobal has taken a different approach by allowing customers to add funds to their existing cards. Many of the crypto-backed debit card projects have failed and Payglobal’s solution should help eliminate frustrations from suddenly finding a crypto-backed debit card no longer operational.
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