Exclusive interview with the founder of Bitcoin debit card E-Coin: I firmly believe that Bitcoin debit cards can promote the use of Bitcoin

There are already some products on the market that can apply Bitcoin to our real life. The most familiar ones are Bitcoin debit cards and Bitcoin ATMs. Both of these applications combine Bitcoin with traditional financial standards. Various similar applications, including Bitcoin debit cards and Bitcoin ATMs, provide people with more payment options and make it easier for people to use Bitcoin.

In January this year, E-coin, a UK-based Bitcoin debit card provider, expanded its user base to Europe. E-coin allows users to deposit Bitcoin into VISA or MasterCard cards and use Bitcoin by swiping the cards on traditional POS machines. Users can purchase E-coin Bitcoin debit cards in US dollars, euros and pounds, and E-coin will express the cards to European consumers within 5-10 working days.

Pavel Matveev, Dmitry Lazarichev, and Georgy Sokolov co-founded E-coin because they all have a common goal, which is to make it easier for consumers to access and use Bitcoin. They believe that E-Coin's products can also help promote the use of Bitcoin. Currently, E-Coin's products cannot be promoted in the United States, and they said they will look for opportunities to enter the US market in the future.

E-Coin recently raised $195,000 for its product development on equity financing platform BnkToTheFuture. Georgy Sokolov spoke to Bitcoin.com about E-Coin’s current development. Sokolov talked about how their product is different from other similar products on the market and their goal - to promote the use of Bitcoin.

Bitcoin.com (BC): Could you please explain your product to the average consumer and how you achieve the application of this product?

Georgy Sokolov (GS):

E-Coin is a Bitcoin card. If you have this card, you can use Bitcoin anywhere. We use MasterCard and Visa to allow users to use Bitcoin. As long as MasterCard and Visa are accepted, E-Coin Bitcoin cards can be used. Currently, users can use Bitcoin at 2.5 million ATMs and 3 million merchants.

BC: How many people are there in your team now?

GS:

There are 10 people in total. They hold different positions, including the founding team, marketing, public relations, development and customer service teams.

BC: How is your collaboration with BnkToTheFuture going?

GS:

After meeting with BnkToTheFuture, we were very interested in the fundraising method they provided. We have been very happy to work with BnkToTheFuture and are grateful for their help in making the fundraising successful. In total, we have raised $196,595 from 98 investors. BnkToTheFuture is open to all investors, which provides us with a wider channel for fundraising. We are a consumer product and need a strong user base, so this fundraising method makes a lot of sense for us.

BC: There are already similar products on the market. What is your competitive advantage?

GS:

From the feedback we have collected, users have given our products very good reviews. Each member of our founding team has worked in the financial industry for many years and has rich experience, and has also started a business. An excellent team coordination and cooperation is critical to the success of a product. Of course, it is also necessary to find the right partners, maintain the subsequent development of the product, and so on.

BC: You said that the usage of E-Coin products has increased by about 30%. In which regions is this growth mainly occurring?

GS:

We also have a lot of supporters in developing countries. We've talked to a lot of people in developing countries who have this need. E-Coin provides them with a way to use Bitcoin.

BC: Can you tell us more about E-Coin?

GS:

We are the first company to offer a virtual Bitcoin debit card. This debit card is just like a regular debit card, except that it is not a physical card, but just a card number and a password that can be used online or linked to an app on a smartphone. The E-Coin Bitcoin card can be used wherever Visa cards are accepted. The benefit of using it is the convenience of sending the card details to the purchaser via email. Each card is currently sold for $3.

BC: What other products will you develop in the future?

GS:

We are indeed developing some new products, but we have to keep them confidential until the products are released. If you are interested in our products, you can pay attention to our website.

BC: How do you plan to use the funds raised?

GS:

In fact, this is not the first round of funding we have raised. We have received some financial support before. However, this is our first public financing, which is very meaningful. It not only provides us with the funds we need for development, but also proves the value of our company and wins the support of many people.

We plan to use the funds to maintain the company's operations and expand our business. Currently, our Bitcoin cards can be issued to more than 140 countries, and we hope to continue to expand to more countries in the future. In view of the current growing business needs, we are also recruiting a full-time staff member.

BC: Why aren’t your products available in the US? Do you have plans to enter this market?

GS:

This is a huge market, but there are some regulatory barriers. We hope to enter this market within six months, but we cannot give a clear answer at the moment.

BC: Do you think applications based on the debit card model can promote the use of Bitcoin?

GS:

Of course! One of the fundamental properties of money is that it can be used as a means of payment. We want to allow users to use Bitcoin everywhere, not just at a limited number of merchants. I believe this will definitely promote the further spread of Bitcoin.

BC: What do you think of the current development of Bitcoin?

GS:

I think the best indicator is the growth of investment in the industry. Although the price of Bitcoin is not very high this year, the investment in the Bitcoin industry has increased dramatically.

BC: Finally, could you please tell our readers what kind of products we can expect to see from E-coin in the future?

GS:

We are working on a mobile app that will make using our Bitcoin card easier and more convenient. There are also some other interesting applications, so stay tuned.

Original article: https://news.bitcoin.com/e-coin-bitcoin-cards-interview-georgy-sokolov/
Author: jamieredman
Translator: Bibit
Editor: printemps
Source (translation): Babbitt Information