Bitcoin wallet Centbee launches bank transfers for European users

by James · May 3, 2023

Centbee users in Europe can now redeem Bitcoin directly to their Euro bank accounts. The new feature gives Bitcoin users the most convenient way to spend their digital assets.

While Bitcoin payments continue to take root across the globe, fiat remains king. For years, Bitcoin users have had to turn to exit rails that can be unavailable, unreliable, or expensive to use Bitcoin. Not any more.

Centbee now allows its users to withdraw Bitcoin to their bank accounts.

Do you need physical cash?

Now you can send money straight to your 🇪🇺 bank account from #Centbee and get euros!

It’s easy, fast and cheap.

All you need is an IBAN number!

On the Send screen, press the + button to add a bank.

🐝💚💶#WATCH #Bank accounts #Money pic.twitter.com/YVmSy1PkiX

— Centbee (@Centbee) 25 April 2023

“Now Centbee users in Europe will be able to send Bitcoin SV directly to all SEPA-supporting banks, offering a convenient exit for those looking to convert Bitcoin to Euros,” Centbee CEO and co-founder Lorien Gamaroff told CoinGeek.

Users can then withdraw their euros from ATMs across the region, giving them “a tangible way to spend their cryptocurrency,” Gamaroff added.

Centbee has always been about making Bitcoin easier to use. The wallet already allows users to make payments directly with Bitcoin to some of the world’s largest retailers, from Walmart (NASDAQ: WMT ) to Amazon (NASDAQ: AMZN ). Users in their home country of South Africa can pay for utilities, shop, pay for online subscriptions and more directly with Bitcoin.

The last function is the next step in the company’s mission. As Gamaroff points out, it bridges the gap for users who want to keep their cash digitally on the Centbee wallet, but may need to withdraw physical cash at an ATM for offline payments.

“This new development is a significant step for Centbee and a game changer for Bitcoin SV holders in Europe. The ability to convert Bitcoin to Euros provides greater flexibility and less uncertainty for those who wish to use their digital assets in their daily lives,” said Gamaroff to CoinGeek.

The new feature comes at a time when BSV has faced delistings from some major exchanges, including Bittrex, Bitvavo, and Robinhood (NASDAQ: HOOD). On the one hand, these delistings serve to free BSV from the almost ubiquitous culture of token speculation prevalent in ‘crypto circles’. However, they have also denied millions a convenient, easily accessible platform to buy and sell Bitcoin.

Centbee “aims to provide some much-needed relief” with the new feature.

The support for European banks is only the beginning. Gamaroff revealed that the company is working on wire transfers to more countries in the coming weeks.

Making Bitcoin Usable

Centbee’s mission is to make Bitcoin usable for everyday needs. This includes cross-border transfers, a sector that continues to be burdened by high costs, slow transactions and general inefficiencies. The wallet offers a simple, intuitive and inexpensive alternative to older financial systems.

“With Centbee, users can send money with ease and confidence, knowing their loved ones will receive it quickly and at a fraction of the cost charged by traditional money transfer operators,” Gamaroff points out.

The era of utility is finally here. Gone are the days when flimsy white papers with a dash of “to-the-moon” promises would give birth to a digital asset. Many companies that shot to the top based on hype crumble as the wheat and the chaff are separated.

Centbee stands tall among the platforms that offer users real utility. Gamaroff promises to continue leveraging the massively scaling BSV blockchain to “provide more efficient and cost-effective financial solutions to our users.”

“As more people begin to see the benefits of the BSV blockchain, we expect continued growth in the use of digital currencies and the realization of the transformative potential of blockchain technology.”

CoinGeek Weekly Livestream with Lorien Gamaroff: Enabling BSV Payments to Major Retailers

New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.