Koinstrap Direct
We’re glad to announce the launch of Koinstrap Direct, a new feature that we’ve been working on. With this new feature, receiving funds directly to your bank account or Koinstrap Naira wallet is about to get very interesting.
To understand why this feature is very essential, we’ve to delve a little bit into the background of the problem it’s trying to solve. Everyone at some point have fanatasied about being able to receive funds, sent from overseas directly to their bank accounts without being actively involved in the exchange of the currencies. With the advent of cryptocurrencies, cross-border transfers has improved massively. Many users want to have cryptos sent to them but would like to be credited with fiat money i.e Naira. In doing so, they avoid dealing with the underlying volatilities and technicalities associated with cryptos.
For example, let’s take in this scenario. Dozie is a freelancer with clients overseas. He wants to receive his earnings($or€) directly to his Naira bank account. He searches the internet for a solution and stumbles into the world of cryptos. He discovers that he could arrange for his earnings to be sent as Bitcoins to his Bitcoin wallet address. Problem is, he doesn’t want the volatility of Bitcoin to affect his funds. He wants the amount of money sent to him to be same as the amount of money he’d receive. And this scenario lead the developers on our team to build Koinstrap Direct.
With Koinstrap Direct, Dozie only needs to create a Koinstrap account and link it to his bank account. Then, a magic address will be assigned to his account. Whenever someone scans the barcode associated with the magic address and sends Bitcoins to Dozie, he will receive the corresponding Naira value directly in his bank account. Koinstrap’s API handles the conversion of the cryptos, by selling it for the equivalent value in Naira and immediately crediting Dozie’s account with said Naira. This way, Dozie doesn’t get to deal with the ups and downs associated with cryptos.
With Koinstrap Direct, transactions are:
- Fast
- Borderless
- Affordable
- Easy to operate
Whenever you’re in immediate need of funds to pay your bills, go mall shopping or you’re just trying to receive payment for services from anyone across the world, Koinstrap Direct is the feature to use.
