The instrument will work as a debit card, but with crypto funds convertible to fiat money. It could be used almost anywhere in the world and it will use almost 11 cryptocurrencies
The fintech company Crypterium, which is from London (United Kingdom), announced on its website the launch of a prepaid card that can be recharged with cryptocurrencies and that will allow to use cryptocurrencies such as Bitcoin, Ethereum and others from the wallet and directly with a UnionPay card.
This first crypto-card could be used in almost any establishment, because at the moment that the service will be paid, the system automatically converts the cryptocurrency chosen into dollars (initially, in this currency and, perhaps, later in other fiat currencies, depending on the country). Then, it proceeds to pay or transfer money to obtain cash, if this is the case.
UnionPay is a payment system accepted in 174 countries and has operated mainly in Europe and America, but also in Asia. Hence, it could be used for everyone. It is a relatively new circuit compared to Visa and MasterCard. It would be an alternative in countries that have problems processing electronic payments.
Crypterium, in this way, would overcome different geographical limitations to position itself as the only prepaid card of global reach to pay for different products and services using the funds that the user has available in cryptocurrencies.
“The wonderful thing about cryptocurrencies is that they were designed to have no borders. The Crypterium card has this ideal. Anyone can apply for a card and start using cryptocurrencies to pay for what they want in their daily lives. I think this service will thrive as fast as NFC technology”, Steven Parker, CEO of Crypterium, said.
Until now, although there are some 4,939 cryptocurrency ATMs installed in different regions of the world, and more and more people decide to obtain some cryptoactive, traditional forms of payment, such as fiat money, predominate in the market.
This is a fact that must be overcome to achieve the massive adoption of cryptocurrencies and just this new card could help convert cryptographic balances into fiat money in those establishments where they do not yet receive payments in cryptocurrency.
“Cryptographic cards are the fastest and most convenient option for converting cryptocurrencies into local currency. However, cards on the market currently are only available in some countries or regions. A clear example is the recent launch of the Coinbase card, only available to citizens of the United Kingdom”, a press release issued recently says.
Crypterium Will Cover another 11 Cryptocurrencies
According to the information handled until now, the card is linked to the Crypterium wallet. Its App has more than 500,000 users in the United States and allows to the account holders to buy, store and operate assets such as Bitcoin, Ethereum, Litecoin, USD Coin, and the Crypterium token, called CRPT. The card would not charge transaction fees.
The company plans to add another 11 cryptocurrencies during the last quarter of this year so that these assets can also be used through the card. As part of an integrated and practical work, the App allows operations related to the card such as blocking and unlocking, tracking expenses, contact with a support team and replacement of the PIN code.
Financial regulators from different countries work with Crypterium to verify that the card follows the standards that are necessary. Part of the achievements of this company is to have developed the first mobile payment solution in Eastern Europe by means of scanning QR codes in 2013. This is why its project with cryptocurrencies and fiat money is expected to be successful.
The intention of Crypterium is to make cryptocurrencies as liquid as cash. A purpose that it has been pursuing since 2017, when it started developing products based on blockchain technology.
In the near future, these cards could have equal or more presence than the number of crypto ATMs in the countries that have hosted crypts and would be a solution to make payments immediately using cryptocurrencies.
By María Rodríguez