Moving money from cryptocurrency to fiat is a service that is increasingly becoming in demand as more people and businesses embrace cryptocurrencies.
Paying for goods and services and funding a bank account from a crypto wallet to take care of other bills are a few examples of flexible transactions that are more in demand as crypto gains more prominence.
Speed is a major consideration for these transactions. Payment systems sometimes take about 24 to 72 hours to remit money from a crypto wallet to a fiat account. The delay makes it a headache when instant transfers are needed.
The presence of a third-party to facilitate the transfer is part of what makes these transfers slow. Some other sites require that the user convert the cryptocurrency to fiat in a Naira wallet on the cryptocurrency platform first before transferring to a bank account.
All of these point to the need for a platform with no third party restrictions that can facilitate transfers in a very short time. FrostPay meets the need by carrying out transfers in as little as 3 minutes and with no third party involved.
What FrostPay does
Through its web app, FrostPay allows users to send money from Bitcoin wallets to bank accounts in Nigeria. The service is only available in Nigeria for now though there are plans to expand into other African countries.
Users are not required to signup for an account on the website.
Sending money from the platform requires your email address and details of the transaction like the amount you want to transfer. After inputting the necessary details, a QR code as well as a bitcoin address is generated by FrostPay. To complete the transaction, the user has to copy the BTC address to his/her bitcoin wallet or scan the QR code to transfer to the address.
The code contains the amount to be transferred although in some cases the user has to manually type the amount again before transferring. The transfer has to be carried out within 10 minutes.
The transfer is completed in less than three minutes and there is no transaction charge attached.
According to Ese, “Funds move from a customer’s preferred crypto wallet directly to any Nigerian bank account that they specify, in seconds.”
The process on Frostpay is carried out with a few clicks and is easy to follow.
Currently, Bitcoin is the only cryptocurrency supported on the platform, however that is going to change in a matter of months. In a statement, the startup explained that “Within the next 3 months we will support a number of mainstream cryptocurrencies that you probably know of, in addition to Bitcoin which we launched with.”
There is no mobile app for FrostPay yet, although the startup says it is to be expected in the near future.
What is next for FrostPay?
In addition to its cross-border crypto-to-fiat fund transfer, FrostPay will be launching a full exchange with settlement features soon. Having the startup’s payment technology integrated with commerce websites as a payment method is one of the next steps it will be taking. This will make it possible for people to purchase things online using cryptocurrencies
If you need a way to send money in Naira but you have bitcoin and a short time to get it done, FrostPay is a good and easy way to do that.