Newly-Launched Trucoin Opens Visa, MasterCard Bitcoin Buying Services in 8 U.S. States

Trucoin has launched its services that will enable its users to buy bitcoin with Visa and MasterCard.

The TruCoin service charges a 5 percent fee for each purchase of bitcoin. Photo: Siarhei Karotki/Coinspeaker via TruCoin

The TruCoin service charges a 5 percent fee for each purchase of bitcoin. Photo: Siarhei Karotki/Coinspeaker via TruCoin

New bitcoin company, called Trucoin, announced the launch of its website that will allow customers to buy bitcoin with MasterCard and Visa.

The service will be available for users in New Jersey, New Mexico, Florida, Massachusetts, Missouri, Montana, Texas and South Carolina.

The new platform has social login integration for LinkedIn, Facebook and Google+.

In an interview to CoinDesk, the president of Trucoin, Chris Brunner, said the firm has been working on the service for three years until its launching. He added that Trucoin is aimed at expanding its services in the US and make it available in 33 states.

“We made the decision early on to do everything in a legal and compliant way and that’s what we’ve done. […] We’ve partnered with one licensed money transmitter and we operate as a delegate of those money transmitters. We will be adding 25 states in the next two months,” he told.

Trucoin, supported by financial companies Presto Financial Services and National Check and Currency, was opened in April. The firm will provide “the fastest way to buy bitcoin in the world”.

The opening follows an upsurge in bitcoin services in the US. For instance, new bitcoin firm expresscoin was recently launched in California.

The company secured a reliable way to buy bitcoin giving an opportunity to use credit cards as a payment option.

Brunner stated: “We’ve put a great deal of effort into putting in place a fraud mitigation system that allows us to accept debit and credit cards, so for new customers it takes less than two minutes to set up. There’s no waiting for a human to manually review your account in almost every case, and once you’re a customer you’re able to make purchases in seconds, as many times as you want.”

The move comes just month after Trucoin launched its buying service in beta version. Brent James, the marketing and communications vice president at the company, did not reveal the date of the opening.

Brent said: “That’s another reason you’ll hear us use the term beta, we want to tread lightly and do things in what we feel is the right way, in a prudent way.”

The news attracted a lot of attention among reddit users, who wanted to learn more about the company. Trucoin also received significant support from Gavin Andersen, Bitcoin Foundation chief scientists.

The firm’s spokesperson commented that in the coming months, users will be able to pay off their credit cards balances in bitcoin.

Trucoin’s final goal is to provide its services for 100 countries in 10 languages via its brokerage system. Given the company’s commitment to compliance, it would be possible in the near future.

Brunner also noted: “We’ll be launching several countries at a time in a way that ensures a quality experience for our customers.”

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