Starting this week, Bread customers around the world will have the ability to use a credit card to purchase bitcoin and have it deposited directly into their Bread. This new feature builds on a partner integration with Simplex to allow high limits and near-instant delivery for most users.
Based on user feedback
We designed this new feature by listening to our customers and basing our decisions on the most common customer complaints:
1) It’s difficult and time-consuming to get “verified” on an exchange or online brokerage.
2) The daily limits are often too low to permit acquiring substantial amounts of bitcoin.
3) Delivery of bitcoin can take a week or more when purchasing with a bank account.
Bread solves these problems by providing same-day delivery of bitcoin with limits up to $20k per day and $50k per month, and by having users complete identity verification right in their Bread. No more copying and pasting deposit addresses or switching back and forth between desktop and mobile devices.
Another thing we discovered is that service fees were not a top concern for our users. Since the volatility in crypto markets is so drastic, people are less concerned with the price than they are with having the ability to get bitcoin quickly the instant they want it. We’ve used this feedback to offer a solution that best balances fees against the other advantages of using the service.
This new feature joins two existing purchase options in Bread: ACH transfer in the US, and in-person purchases through ATMs and convenience stores in multiple countries. By offering multiple options that differ in terms of cost, speed, and convenience, we enable our users to make a choice based on what is most important to them.
Why use Bread instead of an exchange?
In the crypto community, you’ve probably heard something along the lines of “If you don’t control your private keys, you don’t control your bitcoin.” This means you should never entrust your bitcoin to a third party (custodian) for longer than necessary. Exchanges offer great services for trading digital assets, but this creates a security problem. Custodians must hold large amounts of cryptocurrency all in one place, which presents a target for hackers and thieves, and any time an exchange is targeted customer funds are put at risk.
With Bread, your bitcoin is delivered directly into the safety of your personal wallet, where you alone control the private keys. You get the service of an exchange without taking unnecessary risks.
As we expand, we will offer a broad set of financial services that enable you to use digital assets seamlessly in your daily life, and this is one more step in that direction. At the core of our model is gold-standard security, giving you the confidence to utilize cryptocurrency in the real world.
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