- Relai enabled instant bitcoin purchases for its customers.
- The upgrade cuts fiat funding time from days to less than five minutes, often taking just 10 seconds, thanks to SEPA Instant Payments in Europe.
- The company recently raised €2.1 million and is now planning to expand into other regions in the future.
European bitcoin-only investment app Relai has upgraded its network to enable instant payments in the Single European Payments Area (SEPA) around the clock, according to a statement sent to Bitcoin Magazine.
Typically, a transaction using a standard Swiss bank will take up to four days to process. But European Relai customers can now buy bitcoin in five minutes or less, which usually takes around 10 seconds to complete the transaction.
“The instant pay functionality will be a huge benefit to our European customers, giving them extra control over when they put their money in and when they take it out, and they really get the most out of the changing market,” said Julian Liniger. , CEO and co-founder of Relay, according to the statement. “In the end, investing should be about control – and we give our users as much of that as possible.”
Customers who choose to set up recurring bitcoin purchases will also receive a one-time promotion of 10 euros (EUR) or Swiss francs (CHF), valid for new and existing customers.
The Relai app only provides non-custodial wallets, which means its customers keep control of their private keys at all times. In the release, the company says the feature is a requirement in the ecosystem as clients increasingly see their funds and assets frozen by exchanges due to market downtrends and liquidations.
“What really excites us here at Relai is breaking down the barriers to saving and investing in bitcoin, not just from an education and understanding perspective, but also from a the ability to buy and store bitcoin simply and efficiently,” Liniger said.
The expansion of Relay follows a success Raising 2.1 million euros from Crowdcube as the company seeks to expand into other regions.