BitQuick Helps Individuals Convert Cash to Bitcoin Using Multi-Sig Wallet Technology
BitQuick is a bitcoin startup aiming to make peer-to-peer transactions faster and safer through its platform. The young company has its sights on the underbanked, allowing such individuals to participate in monetary exchanges with minimal risks.
“For the buyer, you don’t have to be banked. If you don’t have a bank account, you can’t do the things Circle and Coinbase require,” said BitQuick CEO Jad Mubaslat.
Buying bitcoins on the site takes little knowledge in the technical aspects of trading and digital currencies. The transaction starts when a buyer agrees to purchase bitcoins at a seller’s offered selling price. A multi-signature escrow wallet is then used to facilitate the process, where the seller can load bitcoins for the exchange.
Next, the buyer sends cash to the seller via deposit in a local bank location. When all the steps have been fulfilled, the digital currency is released from the virtual wallet to the buyer.
Unlike community trading sites that encourage lengthy negotiations, the startup’s system is designed for quick and easy bitcoin purchases.
“Mainly [BitQuick users are] people speculating. People who don’t want to wait to get bitcoin in 3 – 5 days,” highlighted Mubaslat.
BitQuick offers insurance up to $250,000 for both buyers and sellers through BitGo’s multi-sig wallet technology. Furthermore, individuals engaging in transactions worth more than $400 must provide US-issued identification for secure verification.
Since its inception, the startup has experienced high demand for its services. Under Boost VC, BitQuick processed $22,000 in transactions per week. At the moment the company conducts $85,000 worth of transactions weekly.
When asked by CoinDesk about plans for expansion, Mubaslat mentioned, “We want to gain a stronghold in the US, then transfer that perfected model we get over to India, Taiwan. Whichever market looks best to expand to first.”