Cryptocurrency has always been stuck somewhere between genius and madness, with mainstream use looking a little less like an impossible fantasy with every passing day. In fact, we’ve recently landed word about a new move that could help advance cryptocurrency’s mainstream use: MovoChain, from MovoCash.
MovoCash–the folks behind the MOVO mobile payments app and now MovoChain–offers something of a novel prospect in cryptocurrency and mobile payments. MovoChain is a web-based service that allows bitcoin and Bitcoin Cash–but apparently not Bitcoin Gold–holders to rapidly convert their crypto into a prepaid account that has the backing of Federal Deposit Insurance Corporation (FDIC) insurance coverage.
Better yet, anyone who both lives in the United States and has either an email address or a phone number can get in on the program, and the funds involved are available in mere minutes, which makes them readily available for use.
MovoCash’s CEO, Eric Solis, noted “The popularity of cryptocurrency is on the rise, and until now, crypto owners have gone through a cumbersome process to convert it into currency to use in everyday transactions. MovoChain enables Bitcoin/Bitcoin Cash value to be sent and loaded to MOVO and then used at the point of sale via a real-time digital debit card which can be instantly provisioned to Apple Pay, Google Pay or Samsung Pay.”
The problem here is much the same as it ever was. This isn’t a way to mainstream cryptocurrency, but rather a way to rapidly convert cryptocurrency to a mainstream solution, fiat currency. It does serve much the same purpose, and that’s a good thing in its way, but it’s still basically just a placebo for the real thing. We don’t need ways to rapidly convert crypto to fiat; we need businesses taking crypto. However, the notion of rapid conversion could be just the thing; what’s to stop businesses from taking crypto if they can turn it into cash in moments? The risk is virtually gone, and businesses can appeal to more customers this way, especially the early adopters who have a nice stock of coin on hand.
MovoChain might seem like a cop-out, but a closer look might change some minds. This could be the kind of thing that lets cryptocurrency really take off.
Ellie Dautner, a finance postgraduate from the University of San Diego, is an expert journalist in fintech and mobile payment technology. She specializes in writing about fintech, mobile payments, startup funding, and acquisitions.