Bringin: Fast Offramp from Lightning to Fiat With a Personal IBAN Account

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Bringin @bringinxyz lets you trade #bitcoin to euros only using IBAN accounts in your own personal name. Read on why this can be useful! 🧵 👇

1/12 If you make a withdrawal from a Bitcoin exchange to your bank account, the bank might flag your activity as suspicious and deem you too "risky" to be their customer. But if the fiat payment is coming from another bank account in your own name? 😏

2/12 All Bringin customers get a dedicated Maltese IBAN account, and all conversions go through this account. Bringin doesn't custody any bitcoin, it's just a tool to connect Bitcoin and traditional banking in a smooth way.

3/12 You can connect any on-chain or Lightning wallet, and liquidate your bitcoin with e.g. SEPA Instant. From Lightning to fiat in less than a minute! With many other exchanges, the withdrawal can take a day or two because they often use 3rd party providers.

4/12 You can also buy bitcoin on Bringin directly to your own Lightning wallet! Bringin takes a 1% fee on all transactions.

5/12 Bringin also has plans to offer single-use virtual debit cards for online shopping. On the backend, the Lightning invoice (or on-chain transaction) that you pay becomes a one-time spendable balance on a debit card!

6/12 The Bringin team confirmed that the virtual debit cards will be out in a month or so. The first version of virtual debit cards will not support adding them to Apple Pay/Google Pay, but there are plans to add support in the future.

7/12 Bringin is currently only available in Europe, and KYC is required to use the service. But if you're fine with that major tradeoff, Bringin seems like a good offramp tool if you need to go back to the fiat side. Bringin is only a web app, at least for now. No mobile app!

8/12 Bringin also offers an API for companies if they want to accept bitcoin without really accepting bitcoin. In the backend, Bringin will automatically convert the bitcoin to euros, and also takes care off all the necessary compliance.

9/12 But why build tools to go back to fiat? Aren't we building a Bitcoin standard? Well, many people are still not ready to take the leap and tools like Bringin exist for those people to eventually take that leap.

10/12 If you can easily liquidate your bitcoin to fiat without too many middlemen, it will hopefully give confidence for people to buy more bitcoin!

11/12 In this video, Bringin founder and CEO @prashanthc123 gives a short pitch to @MikeJarmuz from @ltngventures about Bringin. youtube.com/watch?v=ka_nb69VPtA

12/12 Let's discuss it on Stacker News! stacker.news/items/561637/r/teemupleb