Trucoin announces new partnership, expanding service to 38 U.S. states

Earlier this month, long-simmering digital currency-exchange platform Trucoin launched an 8-state beta test of an instant bitcoin-purchasing system. By simply logging in via an existing social media profile and entering credit card information, users could purchase bitcoin in a matter of moments, rather than the days-long payment verification process currently used by brokers like Coinbase. Yesterday, Trucoin announced that the beta test period was a success, and that the service area will soon be expanding to include 38 U.S. states.

The expansion does come with a temporary closure of the service, however. Trucoin’s money-transmission parter for the beta test was National Check Cashing and Currency and Presto Financial, which is only licensed in a handful of states along the East Coast. According to the company’s blog post, Trucoin has “dissolved” that relationship, and is currently in the process of finalizing a new agreement with another money-transmitter service. Users will still be able to access their bitcoin balances and wallets, although new purchases will be suspended until the payment partnership is finalized. The announcement of the new payment partner is expected in early August.

Trucoin’s VP of Marketing and Communications, Brent James, noted that many customers were “blown away” by the service during the beta test, and suggested that another coming announcement from the company will “make a lot of people extremely happy.” Trucoin’s service is becoming increasingly seen as a competitor to Circle’s payment gateway, which is also currently in beta testing. Circle, which as considerable venture capital money behind it, has yet to announce a timeline for opening its service to the general public.