19 April 2015

Exchange lets users pay cash for Bitcoin at bank branches

22 August 2011  |  11781 views  |  0 cash

A Bitcoin exchange has begun letting people buy the virtual currency the old fashioned way, by depositing cash at 15,000 Chase and Wells Fargo bank branches.

Launched in May, US-based ExchB says that "one of the biggest issues for new buyers of Bitcoin is being able to deposit funds quickly".

To tackle this it is enabling users to walk into bank branches, deposit cash or cheques and e-mail an image of the receipt. Cash clears as soon as the e-mail is verified and cheques usually clear overnight.

The exchange also lets people send cheques in the mail, wire money or use ING Direct's Person2Person system but warns that "even though there are wire transfers and fancy online payments systems, you will pay at least initially with your time or your money to use them".

Bitcoin has been recovering its value over the last few weeks after a hacker attacked another exchange, MT Gox last month using phoney Bitcoins to flood the market and drive down prices from $17.5 to pennies.
KeywordsBAI

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

27 July, 2011
05 July, 2011
20 June, 2011
09 June, 2011

Related company news

 

Top topics

Most viewed Most shared
UK banks covering up cybercrime losses - C...
6927 views 14 comments | 26 tweets | 13 linkedin
BBVA buys UX firm Spring Studio
6651 views comments | 33 tweets | 17 linkedin
Card is king as cash usage continues to fa...
6191 views comments | 22 tweets | 14 linkedin
World Bank reports big drop in numbers of...
4907 views 10 comments | 37 tweets | 15 linkedin
Digital and core renewal to drive bank IT...
4889 views comments | 32 tweets | 25 linkedin

Featured job

Competitive base & commission + equity
New York City, NY, USA

Find your next job