Trucoin has added another six states as eligible for its bitcoin brokerage service, which lets users in the US purchase bitcoins instantly via credit/debit card.
They have added California, Pennsylvania, Missouri, Utah, Nevada and Delaware, bringing the total number of supported states to 31. It is in these jurisdictions where Trucoin has thus far obtained adequate money services licensing. Service is not yet available in New York State.
Visa and Mastercard are the currently supported cards. There are future plans to add American Express and Discover.
Trucoin has also raised its daily purchase limit to $1,000.
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Services offering bitcoin purchases for credit cards are rare, especially in the US. Trucoin charges a 5% fee for purchases, part of which covers credit card interchange fees. There is also a non-refundable $3 card verification fee.
The company also has to protect itself against fraudulent chargebacks. It seeks to proactively mitigate fraud while still having the majority of its users automatically approved. Brent James, Executive VP said:
“Upwards of 90% of our new users who are inside our coverage area are able to sail through and buy in minutes.”
Trucoin President Chris Brunner said that achieving compliance in each state takes time but will benefit the Bitcoin community.