Payment solutions provider Payglobal is now offering users the ability to change cryptocurrency into fiat currency, i.e. government backed legal tender.
The service is being made available in the EU, Australia, Mexico, Nigeria and Singapore, and will include Bitcoin and Ethereum – however, CEO Giora Tal told news.bitcoin.com that other cryptocurrencies will be added in the future, and the firm will also look to expand the service geographically.
Tal stated: “Converting cryptocurrency to fiat money and sending it to your existing bank card through our regulated e-wallet platform provides customers with a quick and easy way to access their funds worldwide.”
Users can register for the service through a process involving an ID card, mobile number and proof of address. They will then be able to make cryptocurrency payments in order to withdraw fiat currency via a Visa card.
Payglobal is based in the UK and offers end-to-end solutions to receive and send funds through banks, cards and alternative payment methods. Transactions can be monitored online.