French Startup Bitit to Launch New Bitcoin Buying Platform
Bitcoin Startup Bitit which started out as prepaid Bitcoin on a card is now making inroads in Bitcoin processing and purchasing.
Bitit is a French Bitcoin startup which keeps reinventing itself. After making a big splash by letting users buy Bitcoin through a Bitit code redeemable into Bitcoins, and with cash in 100K+ local stores, Bitit is now proposing a new killer platform which lets you buy Bitcoins in few seconds.
This is a story in the making for a startup which has big product ambitions and wants to play a major role in the cryptocurrency space. Bitit is starting from scratch again and is rethinking its Bitcoin buying platform service.
Nicolas Katan, Founder of Bitit, says:
“The first digital goods that we sold were Bitcoin. We chose Bitcoin because it’s a low hanging fruit where there is more market depth, more transactions and where needs are the most recurrent.”
Meeting demand for seamless Bitcoin purchase
From it’s start nearly 8 months ago Bitit had processed more than half millions euros, user growth exceeded expectations, and the company spent a lot of time addressing feature requests.
Available in more than 50 countries (and counting) the company now have stronger partnerships with payment institutions and processors. Bitit is now ready to embrace the demand for a seamless Bitcoin purchase.
Katan tells Cointelegraph:
“Leaving the prepaid gift card aspect allowed us to build a platform which is perfectly in line with our vision. We allow individuals and institutions to buy any digital tokens at any time within seconds.”
The company will be limiting credit/debit card purchases to 500€ worth of Bitcoin per week, compared to $10,000 per week when buying Bitcoin with cash through Neosurf prepaid voucher.
Last but not least, there is no identity verification for your first 25€ Bitcoin purchase, which is really appealing for Bitcoin enthusiasts who want to buy their first Bitcoin. Also all Bitit users can earn points and redeem them to save on their Bitcoin purchase.
Processing high risks transactions
Bitit has specialized int processing high risks transactions. Selling Bitcoin by credit card is not as easy as selling any other e-commerce goods.
Ugo Mare CTO at Bitit, says:
“Bitit has to know and identify each of our customers above and beyond what is required for compliance as it is the only way for security, excellence and the highest quality of services for our customers.”
This is key to understanding Bitit’s approach. By intellectually routing transactions and understanding the risk model for online transactions, Bitit increases the profitability for each customer by inherently increasing their life-time value.
New financial services
Bitit have 3 distribution channels, but the company is now creating new financial services where third parties can add a Bitit functionality into their websites and applications. It allows users to buy Bitcoin directly on third-party websites.
Bitit is acting like a credit card processor, but with one more thing: they promptly deliver Bitcoin to a user wallet. Bitit has already closed an undisclosed partnership with a well-known Bitcoin platform, and they will release the functionality in the next weeks.
Currently the company is in negotiation with new distribution network specialists to launch cash-for-Bitcoin, buying in more than 200K+ convenience stores around the world. They are also gaining interest from those distribution network specialists to add the Bitit gift card on their network.
Chris Marcilla Head of Risk Management at Bitit, explains:
“Our Risk Management Platform (RMP) is our prime tool to use everyday in order to improve integrity, accuracy, credibility and security of our operations.”
The Paris based team of five will raise a seed round in the coming months. But the product is already very impressive. The design and technology behind Bitit already make it a serious Bitcoin buying platform contender.