Bitcoin payment service provider BitPay has launched its latest advancement—a full-featured app for purchasing, storing and spending the popular digital currency.
The new app, announced during the Money 20/20 event in Las Vegas, will allow bitcoin to be converted to dollars via an integrated BitPay Visa prepaid debit card, according to a Nasdaq report. Visa is currently the only debit card used by bitcoin users across the United States.
BitPay’s new app promises to give users “full control over their funds at all times through device-based private keys, backup protocol and multi-device authentication.” Current services normally require users to maintain their bitcoin in company-managed accounts, making them vulnerable to security breaches and hacks.
BitPay CEO Stephen Pair said the app provides a “new way to bring more users and companies into the bitcoin ecosystem.”