Product: MOVO Chain
Company: MovoCash Inc.
MovoCash Inc., a fintech company, added MOVO Chain by MOVO to the company's suite of on-demand mobile banking solutions. MOVO Chain is an interoperable cryptocurrency-to-cash (C2C) and peer-to-peer (P2P2P) solution designed to eliminate friction from cryptocurrency sending and spending. Powered by a patent-pending blockchain solution, MOVO Chain converts stored value held in cryptocurrency accounts into fiat USD currency in record time, according to company representatives.
Eric Solis, chief executive officer and founder of MovoCash Inc., compared MOVO Chain to electronic toll collection systems that open up lanes of traffic across U.S. highways, stating it creates off-ramps for crypto users to be able to spend, send and receive funds for everyday spending on a Mastercard debit card. "We see this as a tremendous opportunity that uses Bitcoin and fiat currency hybrid to bridge the traditional saving and checking model," Solis said. "With MOVO Chain, consumers can use Bitcoin and other major cryptocurrencies as their long-term savings and fiat for their day-to-day payments."
Solis further noted that MOVO Chain transfers use the company's uniquely provisioned P2P2P digital cash tokens on Mastercard debit cards, making all types of cryptocurrency and fiat currency transactions fast and secure. Cryptocurrency users located in the United States can convert, send and spend cash value through the debit card, he added. The hybrid solution is designed to provide users with fast, secure access to spendable cryptocurrency, he stated.
"Crypto users can convert crypto into U.S. dollars and transfer the funds to their MOVO accounts for same-day use," Solis said. "They can also send the funds as cash value to anyone with an email address or mobile number." He added that any recipient who is not a MOVO user can join MOVO in a few seconds to be able to accept their funds.
"MOVO Chain upends cryptocurrency by bringing the power of blockchain technology to the traditional world," Solis said. "Unlike other funds transfer systems, the MOVO ecosystem is open seven days a week, enabling users to liquidate their currencies quickly and on the fly."
Solis noted that MovoCash offers a range of on-demand mobile banking and end-to-end contactless payments through a MOVO app available at the Apple Store and Google Pay. MOVO's digital banking, payment and blockchain solutions are backed by continuous customer support and offer security, convenience, low fees and fast transactions in a single app, he added.
The MOVO ecosystem includes comprehensive banking and payment features such as CASH Cards and MOVO Pay. Solis described CASH Cards as secure, customizable, single and/or multi-use payment cards. He called MOVO Pay a P2P2P solution that allows users to send digital cash to anyone using an email or mobile number for instant spending.
Solis noted that MOVO has automated the mobile banking experience—from sign-up and approval to activation. While there is no human intervention, we are here if you need us, he stated, adding that in addition to facilitating ecommerce, mobile shopping, sending money and paying bills, MOVO provides consumers with insights about their spending.
MovoCash accounts are insured for up to $250,000 per depositor. Banking services, provided by Coastal Community Bank, include HyperBIN, a solution that facilitates instant delivery, issuance, activation, secure and settled banking, merchant payment, and P2P transactions redeemable at 45 million merchants and over 1 million ATMs worldwide.
"When consumers get instant settlement, in essence we've turned their mobile phone into the equivalent of a Bitcoin ATM," Solis said. "And instead of driving to one of those ATMs and spending gas money to get there, they receive funds in their mobile cash account."
MOVO Chain is what every consumer will expect from this day forward, and on demand mobile banking will change the way people think about digital transactions, Solis suggested.
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