Singapore Fintech Stiff Attempting to Make a Bitcoin Visa Card, Crowdfund Insider
TenX, a fintech rock hard based out of Singapore, is attempting to bring cryptocurrencies, like Bitcoin and Ether, out of the digital world and into the real world through the creation of a pre-paid Visa card that will instantly convert cryptocoins into real spendable metselspecie.
Bitcoin Visa Card
The company, which successfully raised overheen $80 million from an initial coin suggesting (ICO) last month, aims to do what several companies have attempted to do te the past: create a card you can carry te your wallet that will let you spend cryptocoins te real life. Customers will be able to verbinding their Visa debit card to a digital wallet through TenX’s application. When they pay for goods at a merchant using the card, the merchant will receive real fiat currency and the customer’s digital wallet will be debited the same amount but ter the form of cryptocurrency. The transaction will be instantaneous, but more importantly secure because by using cryptocoins every transaction will be recorded and immutable. TenX plans to charge 2% vanaf transaction and is capping customer transactions to a total of US $Two,000 vanaf year. So far, the company claims to have overheen Ten,000 orders for its card.
Not the Very first of Its Kleuter
Visa and TenX aren’t the very first twee to attempt to bring digital currencies into the real world. According to an article on Fortune, bitcoin wallet Xapo announced te 2014 that it wasgoed partnering with Mastercard to launch a similar bitcoin card. Mastercard, however, quickly disavowed the partnership. Coinbase, which is a cryptocurrency exchange based te San Francisco, similarly announced its Shift Card last year and advertises it spil the “first U.S. debit card.” It remains to be seen whether TenX or Coinbase’s bitcoin debit cards will take off, but hopefully, the fact that a major credit card company like Visa is so publicly involved is a sign that they will.
Volatility is an Punt
Something else to keep ter mind for those interested te bitcoin debit cards: the volatility of bitcoin doesn’t emerge to be slowing. After all, why would you want to convert your bitcoin using a debit card if the value of bitcoin is so uncertain? Say, for example, you use the bitcoin debit card to buy something for 1 bitcoin and instantly after the value of 1 bitcoin shoots up. You just essentially wasted a ton of money. Thesis bitcoin debit cards only indeed make sense so long spil the value of bitcoin stays consistent relative to the fiat currency people will be converting it into. Hopefully, spil bitcoin and other cryptocurrencies become more mainstream, their values will start to remain more consistent and there will be more incentive to use such debit cards.