E-Coin Integrates BitGo for Instant Settlement of Bitcoin Transactions

February 8, 2016

E-Coin card users can now send bitcoin and instantly load their cards rather than having to wait for three confirmations, thanks to BitGo Instant, which provides immediate settlement of bitcoin transactions. E-Coin, a wallet which provides both physical and virtual bitcoin debit cards, now allows users to send bitcoin from within the BitGo Instant network which includes 11 companies with more on the way.

If a transaction is not confirmed on the blockchain, the service guarantees recipients compensation via a claim fulfilled by BitGo, a multi-signature bitcoin wallet which pioneered the multi-signature wallet in 2013.

BitGo Fixes Bitcoin’s ‘Double Spend’ Issue

BitGo has eliminated the “double spend” potentiality in bitcoin transactions. The service is for users seeking instant bitcoin transactions while securing funds against the possibility that the sender will spend the money elsewhere before the transaction gets confirmed via the blockchain.

BitGo provides immediate transaction settlement using the crypto keys among participating users’ wallets.

BitGo secures bitcoins sent to E-Coin using multi-signature security and insured by XL Group.

BitGo Instant Gains Users

E-Coin, a multi-signature wallet that launched in 2014, joins some major cryptocurrency exchanges and apps in offering BitGo Instant. Exchanges offering it include Bitstamp, Bitfinex, Unocoin and Kraken, as does the Fold app.

The BitGo Instant service is free for transactions under 1 BTC. For transactions over 1 BTC, senders pay a 0.1% fee.

“Introducing BitGo Instant was a top priority,” said Pavel Matveev, an E-Coin founder. He said the company wants to provide customers with the latest developments in the bitcoin space and will continue to provide the best potential service.

New Card Design

Since launching one year ago, E-Coin users have created a total 100,000 accounts. E-Coin has distributed 15,000 bitcoin cards, reaching a monthly volume of more than $2 million. The company continues to grow at a rate of 30% and ships to more than 130 countries.

E-Coin accepts USD, GBP and Euro. It claims to be the first company to offer a bitcoin card, following with a virtual bitcoin card in September 2015. The virtual bitcoin debit card works where VISA is accepted, CCN previously reported.

The release of the E-Coin card culminated in integrating cryptocurrency architecture with fiat architecture.

Virtual Card Joins Fiat And Digital

By combining bitcoin with VISA, users of the virtual prepaid card can perform all the normal transactions that ordinary cardholders can do such as load funds, withdraw, and shop online. The most groundbreaking aspect of the virtual prepaid card is merging of the traditional financial architecture with the new reality of digital currencies.

E-Coin can also be used for third-party services such as PayPal and ApplePay.

Wirex Limited, the London, U.K.-based company that produces the E-Coin bitcoin debit card, announced a successful fundraising effort at BnkToTheFuture, the online investment platform in June of 2015. The campaign raised $186,596 USD from 93 investors.

Images from e-coin and Shutterstock.

Tags: bitgoE-Coin
Lester Coleman

Lester Coleman is a media relations consultant for the payments and automated retailing industries.