Nigerian Blockchain Payments Startup, Bingtellar Announces Crypto-to-fiat Conversion Service

Nigerian blockchain payments firm Bingtellar has announced the availability of its quick crypto-to-fiat conversion service, allowing individuals and organizations to buy, sell, and receive payments in local money with ease.

Bingtellar, founded in 2021, enables real-time conversion of cryptocurrency to fiat and offers users rapid liquidity in their home currency. With a typical transaction time of less than three minutes, Bingtellar has developed a payment infrastructure to enable the transition between cryptocurrencies and fiat as simple as making a bank transfer and sending an email.

According to Joshua Tebepina, creator of Bingtellar, “Paying for products and services and financing a bank account from a crypto wallet to take care of other bills are a few instances of flexible transactions that are more in demand as crypto obtains more notoriety.”

“For these transactions, speed is a key factor. Due to the P2P architecture of the largest exchanges, money transfers from a cryptocurrency wallet to a fiat account might occasionally take between 24 and 72 hours. When instant transfers are required, the latency causes problems.

These transfers are sluggish in part because a third party is required to facilitate them. On some other websites, sending funds to a bank account requires first converting bitcoin to cash in a naira wallet on the cryptocurrency platform.

“All of these indicate the necessity of a platform that can enable transfers in a very short amount of time and is free from restrictions imposed by third parties. Bingtellar satisfies the requirement by completing transactions in as little as three minutes and without the use of a middleman, according to Tebepina.

Self-funded Bingtellar is currently funding a pre-seed round and has already handled transactions totaling more over $300,000 from a select group of users.

“Growth so far has been great and the feedback has been amazing I must say. I basically started building out Bingtellar as a pet project and a way to help my friends manage the current risk and challenges they experienced with majority of the P2P exchanges, and seeing how far we progressed to where we are at the moment is quite impressive,” Tebepina said.

Currently only offered in Nigeria, there are intentions to make the service available in additional African nations soon.

Our beta payment distributions are now being tested in Ghana, Kenya, Uganda, and Rwanda. I’m obsessed with high uptime, wonderful experiences, and fantastic customer service, so we want to be sure we’ve tested everything well before we open up to more corridors, said Tebepina.