Crypterium launches world’s first borderless crypto debit card
Being able to turn fuzzy digital currency into cold hard tangible goods makes crypto that much more real.
Cryptocurrency debit cards are aimed at making it easier to actually spend your Bitcoin and other cryptocurrency in places where people don't want to accept it. They do this by working exactly the same as any other debit card.
You jam cryptocurrency into the card, and you can then tap it, swipe it or read the numbers on it as the mood takes you, which magically makes money jump from the card to the recipient. You can also magically convert some of that cryptocurrency into cash at ATMs.
It's easier said than done, and to accomplish this, most card providers have had to wander into a regulatory and logistical minefield.
Australia has a solid range of local crypto debit cards that occasionally chafe under tight limits. The Coinbase crypto card is only available in the UK but is usable worldwide, and the Sugi crypto card is a fascinating hybrid hardware wallet and NFC-enabled debit card.
With that benchmark, the Crypterium Card is something else.
All in one
First, in a press release, Crypterium says it's the only prepaid card in the market that is available globally, letting you use your digital currencies offline or online anywhere in the world.
"Crypterium has worked closely with financial regulators around the world to ensure that the Crypterium Card is compliant with regulations wherever it is accepted," the press release says.
"Any solutions offered so far have been confined to specific countries or retailers," said Crypterium CEO (and former Visa general manager) Steven Parker. "But the beauty of cryptocurrencies is that they are designed to be borderless and global. The Crypterium Card lives up to this borderless, global ideal: anyone can apply for one and start using their cryptocurrencies to pay for things in everyday life. This has the potential to take off as quickly as NFC."
This makes it a potentially perfect solution for the still-somewhat annoying problems associated with travel money.
Second, it offers a solid range of coins, currently supporting BTC, ETH, LTC, USDC and the Crypterium CRPT token. Another 11 are expected to be added in 2019.
On a side note, Visa and Mastercard have both been revealed to be members of the Facebook cryptocurrency network. There's a good chance you'll be able to spend Facebook's Libra coin with plastic too.
Third, Crypterium's limits are a high $10,000 per day or $60,000 per month, and it works though an app that integrates into the top 10 exchanges to get rates on crypto conversions.
Its high limits and global availability suggest that an extraordinary amount of work has gone on behind the scenes here, and that there has been a drive towards cryptocurrency and payments from various "traditional" financial institutions. This kind of result certainly doesn't happen all by itself.
And voila, you can now convert your fuzzy digital currency to cold hard cash or consumer goods via plastic. Seamlessly bridging the gap between ephemeral digital assets and physical goods makes them that much more real.
Disclosure: The author holds BNB, ZIL and BTC at the time of writing.
- Ethereum price breaks all time high of US$1,448
- Ethereum price: Massive slide as market faces bearish pressure
- Ethereum 2.0: Roadmap, timeline and implications
- Bitcoin falls to US$34,000 as confidence in money markets improves with the Biden inauguration
- Bitcoin price lags while regulators raise fears and banks grapple