Press Release / Technology / Lastbit’s Credit Card System Brings Bitcoin Spending into the Mainstream

Lastbit’s Credit Card System Brings Bitcoin Spending into the Mainstream

Berkeley, Calif: Using Bitcoin has never been easier - thanks to a smart credit card system called Lastbit that is every bit as good as it claims!

LastBit is a credit card system that allows you to spend bitcoin anywhere, even if the merchant doesn’t currently accept it. So you can now walk in a shop, buy a cup of coffee, and pay with Bitcoin.

Created by Prashanth Balasubramanian, Bernardo Magnani Blanco, and Ashvin Panicker, Lastbit is their combined vision to enable mass-market adoption of crypto-currency.

"For the first time in the history of bitcoin, you can now walk into a store and pay for your purchase using crypto even if the merchant does not accept crypto-currency - securely, instantly and seamlessly," said CEO Mr. Balasubramanian.

"We have engineered a method of enabling the average bitcoin user to begin spending crypto through instant peer-to-peer transactions over the lightning network and thereby, fiat transactions at a point of sale facilitated through virtual debit card emulation."

LastBit.io offers instant, low-fee transactions using the Light network; you receive a physical Mastercard with free membership and offers unlimited virtual account numbers and other security features at a premium tier.

Their solution ensures minimal trust for end-users with zero setup time and required knowledge behind lightning transactions while providing the highest level of security and independence.

Their hardware solution fuses the premise of cold storage and sovereignty with cutting edge security, to bring complete financial independence and security to the masses.

"By running your custom lightning node, you can now be your own bitcoin payment processor while being able to make instant fiat transactions at a point of sale," added Mr. Panicker. "By using these technologies, Lastbit is helping to disrupt the financial services."

Launched in October 2018, the company has hired UC Berkeley students that currently contribute to the startups’ mission and growth. Berkeley student Bryan Kim joined Lastbit and now helps the company facilitate business partnerships with Visa and Mastercard.

The startup has raised $620,000 seed funding to develop the Lastbit system further and is a member of the Visa Fast Track program and alumni of UC Berkeley’s SkyDeck accelerator.

For more information about Lastbit view their website: https://lastbit.io/ or email: pb@lastbit.io.