UK-based Crypterium has introduced a new crypto payment card. The firm aims to eliminate barriers for cryptocurrency holders to enhance hassle-free spending.
The well-known cryptocurrency company and winner of the KPMG FinTech startup announced the Crypterium Card Visa Edition launch via a press release. The new card is an alternative to the Crypterium Card UnionPay, which is currently used by over 30,000 people across more than 150 countries worldwide.
Acceptable Payment Solution
The Crypterium Card VISA Edition will be integrated with the Crypterium wallet through which users can load the card. The wallet has an in-built exchange service that will instantly convert stored cryptocurrencies into fiat currencies. The fiat currency can then be used to load the card that the users can spend at any location accepting VISA Cards.
The card is the crypto-banks latest product to push its attempts to bridge the gap that exists between traditional and cryptocurrencies. The new card could make spending cryptocurrency as easy as cash payments. Crypterium said the breakthrough is the result of 12-month negotiations with VISA Europe. This now allows the platform to extend its reach globally and offer an acceptable payment solution to over 500,000 customers. Crypterium CEO Steven Parker said:
“As a former VISA general manager, I know exactly the level of quality that this card brings to the table for our customers. VISA is by far the world’s most accepted card, and that’s precisely the kind of freedom we want people to have when it comes to spending digital assets.”
Financial Services for Cryptocurrency Holders
As per the announcement, the card’s contactless technology will enable users to execute transactions by tapping on a POS terminal. The cardholders will have a spending limit of up to €10,000 and a cash withdrawal limit of €2,500 monthly. Users will also block or unblock the card, change their PIN settings, and track all their expenditures. In terms of security, all user accounts are 100% insured by BitGo, the leading custodian service in the crypto industry. This ensures that Crypterium Card VISA holders have their funds protected against any threat. Crypterium COO Austin Kimm stated:
“Nowadays, most banks offer prepaid cards at no cost. At Crypterium, our goal is to make available similar (or even better) financial services for cryptocurrency holders. People using digital assets needed a truly affordable payment card. And that’s what our VISA card is all about.”
A step towards Cryptocurrency Adoption
The entry of a VISA powered crypto-backed spending card coincides with MasterCard’s inclusion of a similar card. Crypterium is effectively increasing its reach to cover most of the payment processors that enable users to pay using cryptocurrencies. The Crypterium Card VISA Edition is a massive step towards cryptocurrency adoption. It gives cryptocurrency holders more locations to pay for goods and services using their preferred currency.