Bringin makes Bitcoin easier to spend in Europe

Bringin makes Bitcoin easier to spend in Europe

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Founder: Prashanth Chandrashkar

Date Founded: March 2023

Location of headquarters: Lithuania

Number of employees: 3 full -time, 3 contract workers

Website: https://bingin.xyz/

Public or private? Private

With Bringin it is now easier than ever to live on a Bitcoin standard in Europe.

The web app (and soon released mobile app) allows users to almost instantly convert Bitcoin from either a basic chain or lightning wallet to a virtual Visa payment card that can be used, no matter where the visa is accepted.

Bringin’s founder Prashanth Chandrashkar conceptualized the product after struggling to convert his Bitcoin to euro.

“Two years ago, while living in Estonia, I used to get paid in Bitcoin, and it took almost four days to run Bitcoin and get euros to use,” Chandrash Kar told Bitcoin Magazine.

[Author’s note: When Chandrashekar uses the term “liquidate,” he’s referring to converting bitcoin into fiat.]

“That’s why I wanted to build a tool that allows users to liquidate Bitcoin. I think liquidation of Bitcoin immediately and being able to use Bitcoin is one of the most important factors to get the value of Bitcoin to the world today, ”he added.

What Chandrashkar and his team have built can be compared to a service like Bitrefill, though more dynamic, and it has more capabilities.

How Bringin works

Bringin operates in all countries using the euro and it allows users to convert Bitcoin in a lightning wallet to euro in less than one minute. (Chain transactions take longer, about 10 minutes as they need to be confirmed on blockchain.)

To most effectively convert Bitcoin to euro, users simply pay a lightning invoice mentioned in the amount of euros they want on their virtual payment cards and these euros become available to use shortly after.

At Back-End, the process looks like this: Bring in questions each of its users a virtual IBAN (international bank account number). This number is then used to interface with the SEPA system, which allows users in the euro zone to make cashless euro payments.

Using the SEPA Instant Credit transfers that enable transfers of up to 15,000 euros in less than 10 seconds, in connection with lightning payments, users can convert their Bitcoin to euros in almost no time flat.

Chandrashkar illustrated how fast all this will take place in a recent X -post:

However, users need to review the KYC process to use the service, but never brings distributions user funds, which means bringing users can choose to use non-parent’s Bitcoin or lightning.

“You can use your Alby Hub and liquidate directly into the debit card using Nostr Wallet Connect (NWC),” Chanderrashkar explained. “We have created a more direct connection between your self -insurance wallet and your bank account.”

The way to bring in

Chandrash vessels began developing Bringin in September 2022 (however, he did not incorporate until March 2023).

Before working on this product, he was hired in the now abandoned trip, which aimed to solve a similar problem.

“We built consumer -facing payment applications for Europe,” CHANDRAGRASKAR said. “The application allowed users to buy Bitcoin immediately, make and receive lightning payments, and we also sent a MasterCard payment card that could be financed with lightning transactions.”

However, Chandrashkar shared that the project was scrapped due to a number of difficulties.

“Unfortunately, we couldn’t scale the service,” he said. “We were too early and there were a lot of objection to objections.”

Since he would not give up creating a product like a trouble, Chandrash vessel moved to Estonia with some members of the trip team, achieved the right licenses and started building Bringin.

“Lastbit was from building a consumer application to being more of an infrastructure company that provides tool link to other companies to building on top of it,” chandrash vessel explained.

So at that time, I still worked with the company and helped them with the infrastructure, but I felt the need to build a consumer product that allowed people to do what the trouble originally aimed to achieve, ”he added.

“So I jumped out and started my own venture to help consumers and other bitcoiners who had a problem like mine.”

A third generation exchange

Bringin not only acts as a Bitcoin off ramp, but also an on-ramp.

“Users can use lightning addresses to buy Bitcoin,” Chanderrashkar explained. “Today you can go to Bringin, go into” 10 Euro “,” prashant@alby.com “,” Send funds “and the SATs appear in your Alby Hub.”

(Users can connect to any wallet that supports NWC. Bringin also enables transfers using flashes and intends to expand their integration, according to Chandrasekar.)

Because Bringin can facilitate these types of trouble-free transactions between non-parenting authority and the traditional banking and payment rails, conceptualizing Chandrashkar Bringin as a “third generation” exchange.

“There have been several generations of exchanges,” he began.

“Originally, we saw all kinds of exchanges where you submit a border order, check the order book and make a purchase. It developed into a mobile wallet like Venmo, which is custody, where you instantly switch to Bitcoin. It was the second generation of exchanges, ”he added.

“Bringin is a third generational exchange because it is not a custody where you put money and then exchange it, and Bitcoin remains in custody of the exchange. It not only gives to immediate prey, but also takes care of the movement of funds from the banking system to Bitcoin and Lightning Networks. “

Bringin’s roadmap

As he moves forward, Chandrashkar plans to streamline Bringin’s operations while expanding the services the platform offers.

Currently working with a partner business to issue and manage debit cards, but Chandrashkar wants to change it.

“Right now we are a distributor and technology provider, and we do not have a direct partnership with Visa, so we white brand our partners’ payment cards,” Chanderrashkar explained. “But we eventually want to get our direct partnership with Visa.”

Chandrash vessels are also looking forward to on board more merchants as the company is already making it easy for businesses to start hiring Bringin.

“We have integrations with BTCPAY SERVER and OPAGO PAY,” CHANDRAGRASKAR said. “Dealers can receive Bitcoin payments and instantly convert part of it or the entire payment to euro via a Bringin IBAN account.”

And Chandrashkar is working to work together to bring a Bitcoin loan and lending platform.

“The intention here is that users can provide Bitcoin as security and receive loans in euros,” he explained, adding that most Bitcoin borrowing and lending services offer only US dollars or US dollar stablecoins.

In addition to these plans, Chandrash vessels remain motivated to continue to improve Bringin’s on-ramping technology.

“You have to get Bitcoin into your favorite wallet, and there’s a huge amount of friction there,” he said. “Our intention is to get Bitcoin to everyone by giving users the opportunity to get Bitcoin directly into the wallet they choose without any friction at all, directly from the bank.”

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