How Bringin facilitates effortless bitcoin spending
In addition to payments, Bringin is investigating collaborations with Bitcoin borrowing and lending platforms. The aim is to facilitate users in providing Bitcoin as collateral and obtaining loans in euros, a service that is currently insufficient in the European market. Most Bitcoin-backed lending services predominantly offer loans in US dollars or stablecoins, which hampers access to liquidity in their local currency for European users. By closing this gap, Bringin could deliver a significant financial resource for Bitcoin holders needing short-term liquidity without liquidating their assets.
In comparison to current services like Bitrefill, Bringin delivers a more dynamic and adaptable solution. Rather than acquiring gift cards or vouchers, users can directly load a Visa debit card, making it a more practical choice for everyday purchases. Whether it’s buying groceries, dining out, or shopping online, Bringin ensures that bitcoin holders can effortlessly utilize their assets within the traditional financial framework.
Every Bringin user receives a virtual IBAN (International Bank Account Number), which serves as a link between the Bitcoin network and conventional banking systems. By utilizing SEPA Instant Credit Transfers—able to transfer up to 15,000 euros in under 10 seconds—along with Lightning payments, Bringin guarantees that users can convert their bitcoin to euros with minimal wait times.
Another crucial element of Bringin’s agenda is enhancing the Bitcoin on-ramping experience. While the platform currently enables users to purchase Bitcoin through Lightning addresses, Chandrashekar envisions a future where users can easily acquire Bitcoin directly into their chosen wallet with limited obstacles. The goal is to integrate more banking and payment solutions that facilitate direct Bitcoin purchases from traditional financial accounts, simplifying entry for newcomers into the Bitcoin ecosystem.
For those who prefer Alby Hub, Bringin provides a direct integration. Users can convert their bitcoin directly into their debit card balance through NWC, creating a seamless experience between their self-custody wallet and bank account.
Bringin has ambitious aspirations to broaden its services and enhance its offerings, with a keen emphasis on boosting accessibility and efficiency for Bitcoin users. A principal objective is to secure a direct partnership with Visa. Presently, Bringin functions as a distributor and technology provider, depending on a third-party partner for issuing and managing its virtual debit cards. By achieving a direct partnership, Bringin would attain enhanced authority over its card issuance procedure, potentially lowering costs and elevating the overall user experience.
Future visions and growth
An additional vital focus area is merchant acceptance. Bringin has already formed integrations with BTCPay Server and Opago Pay, allowing businesses to accept Bitcoin payments and swiftly convert them into euros via a Bringin IBAN account. This capability is especially advantageous for merchants who wish to accept Bitcoin while preferring to receive fiat currency for their operational needs. By broadening these integrations and onboarding additional businesses, Bringin seeks to bolster Bitcoin’s presence in everyday commerce.
Source: bitcoinmagazine.com
Bringin simplifies the process for users wanting to convert their bitcoin into euros and spend it instantly through a virtual Visa debit card. Available throughout all eurozone countries, the platform enables users to preload their cards with bitcoin via either a Lightning wallet or an on-chain transaction. Lightning payments are completed in less than a minute, whereas on-chain transactions typically require about 10 minutes for blockchain confirmations.
The method is uncomplicated. Users just need to pay a Lightning invoice for the desired euro amount on their virtual debit card, with the funds being accessible for spending almost right away. This hassle-free conversion is made feasible thanks to Bringin’s integration with the SEPA system, which allows for immediate euro payments across Europe.
While users are required to undergo a KYC (Know Your Customer) process to use the service, Bringin does not hold custody of user funds. This ensures that users retain complete control over their bitcoin by employing non-custodial wallets. The platform also accommodates Nostr Wallet Connect (NWC), which permits users to connect their self-custody wallets directly to their Bringin debit card.
For Australian Bitcoin enthusiasts, these advancements may be particularly thrilling. While Bringin presently functions in the eurozone, its model could provide a framework for comparable services in Australia. With a growing interest in Bitcoin payments and Lightning adoption, a platform akin to Bringin could help connect Bitcoin and traditional finance, streamlining the process for Australians to spend and manage their Bitcoin assets.
As Bringin moves forward, its commitment to delivering a seamless, non-custodial experience remains steadfast, empowering users to engage with Bitcoin in a manner that aligns with its fundamental principles—financial independence, speed, and efficiency. Through direct Visa partnerships, merchant acceptance, lending services, or improved on-ramping, Bringin is positioning itself as a pivotal player in the next wave of Bitcoin financial services.
