Digital-only multi-cryptocurrency wallet Lumi Wallet has launched a service that will enable clients in the European Union to withdraw Bitcoin as fiat money using their Visa credit cards. Coin Telegraph reported that the company assures easy and quick transactions.
In a blog posted on its website, Lumi said that this move was taken to address the lack of a convenient way to convert crypto assets to fiat money. In making this decision, the company recognized its customers’ need for selling Bitcoin after it allowed users to buy currencies such as Bitcoin and Etherium using credit cards.
The firm also noted that while there are a lot of ways to buy cryptocurrencies, users have to undergo a complicated process in order to sell their assets. According to Coin Telegraph, users would have to find willing buyers who are keen on paying the market value of the currency.
Moreover, safety and security is also a concern among sellers, especially those who have encountered buyers with malicious intent. While recovering assets can be possible, the report noted that the market value could have fluctuated, given that cryptocurrencies are highly volatile.
This is why Lumi created an easy way to withdraw cash using credit cards through its wallet app. It only requires going to the app and supplying the required info and documents including card details and an identity document.
Coin Telegraph also remarked that the company’s new service is a step toward making crypto more friendly to beginners. While this arena may be intimidating to newcomers, the integration of credit cards can make such assets more accessible to more people. It also minimizes the occurrence of asset stagnation as customers can easily switch from crypto to fiat as they see fit.
As of this writing, only European customers with Bitcoin can use this service.