June 3, 2024 – Vilnius, Lithuania — Bringin, a Bitcoin technology company, is revolutionizing the way people interact with Bitcoin and traditional banking systems.
By leveraging the strengths of Striga’s compliance and banking infrastructure, Bringin offers a seamless and secure experience for users looking to swap bitcoin stored in any on-chain or lightning wallet to euros in any bank account.
Striga is a developer first platform for digital asset companies that need to connect to traditional financial infrastructure.
Following the pattern of many innovators, Prashanth — Bringin’s founder and CEO — built the solution to a problem he faced first-hand.
He has been involved with Bitcoin for a long time, and until 2022, he had been working on a custodial bitcoin payments app.
Not only did that venture stumble over regulatory hurdles, but Prashanth was still forced to receive payments in euro because the banks were wary of dealing with bitcoin and exchanges.
It was unsafe to liquidate bitcoin, often leading to bank accounts being frozen. Even otherwise, it took up to five days to get euros into bank accounts.
The industry lacked tools that allowed individuals to get bitcoin on and off their self-custody wallet, from and to their bank seamlessly and securely. He believes this to be one of the most fundamental and critical tools, needed for masses to adopt and trust the new age sound money.
So, Prashanth refocused on developing a solution that would erase the seams between fiat and bitcoin. Despite his passion for Bitcoin, Prashanth is a pragmatist.
If the goal is to convert the masses, we’re better off giving them a solution that works than expecting them to spend time learning complex ways to swap between euros and BTC.
With Bringin, the process of liquidating Bitcoin and receiving euros in your bank account is not only reliable but also instant. No more waiting for days; with Bringin, you can get euros in your bank account in a matter of minutes.
Bringin ensures the utmost security and reliability in every transaction. Each user is provided with a dedicated IBAN account, making interactions with other banks secure.
Support for lightning and SEPA instant transfers guarantees that your transactions happen instantly without any compromise on security.
Before making the product available to the public, Prashanth tested and refined the product over 3 phases of testing with beta users, who were extremely happy with being able to finally spend bitcoin conveniently and safely. At each stage, user pain points were discovered and solved.
Striga
Striga is building infrastructure for digital assets and financial services as a single set of APIs doing the heavy lifting of security and regulatory compliance.
Striga’s customers include early-stage FinTech, Web3 innovators, banking institutions, and digital asset exchanges utilizing services spanning the range of custody of digital assets, trading, card issuing, and banking.
Bringin: More Than Just Tools
Bringin still has ambitious goals on its roadmap.
The next milestones will be to expand the palette of merchant tools, like the ability to keep a preset amount of BTC always on the node in self-custody with instant euro offramps.
This enables businesses and merchants to accept payment from anywhere in the world with bitcoin, utilizing its features like instant settlements and low fees. It also gives them the ability to hold funds in bitcoin or euros.
Bringin also introduces Bitcoin Lightning-enabled debit cards. A debit card that allows users to top-up with Bitcoin over lightning and spend it anywhere in the world, even if the merchant does not accept bitcoin!
Bringin’s goal is to help merchants accept bitcoin with ease and customers to pay with bitcoin. While Bitcoin is largely thought of as a store of value, it is a revolutionary financial technology that has proven itself to be much more than that.
By bridging the Bitcoin and banking rails in a compliant way, Bringin is aiding Bitcoin adoption as new-age money which can be used to transfer value seamlessly.
