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Binance to Sunset Visa Crypto Card as 2023 Sees Decline in Digital Debit Cards
Several reports have revealed that Binance, which is recognized as the leading crypto exchange by trading volume, intends to discontinue its Visa crypto card on December 20, 2023. The enterprise emphasized that only a “small number of Binance users” would be affected by this development.
Binance to Discontinue Visa Offering by Year’s End
In 2023, crypto debit cards have been falling out of favor rapidly, triggered in part by a series of bankruptcies that ignited a crypto bear market. Back in March, Bitpay in the U.S. phased out its prepaid Mastercard program, although it assured users of a renewed card service on the horizon. However, this week, holders of the Binance Visa card were informed via email that the card would cease to be functional by the close of the year.
The email communicated that the Binance Visa card would become non-operational post-December 20, 2023. The Binance Visa, which was available to users in Europe, was utilized by individuals across various countries including Austria, Belgium, Bulgaria, Croatia, France, the Czech Republic, and Finland, among others. Binance has suggested that cardholders can switch to Binance Pay for their shopping needs, provided the service is accessible in their region.
The email also clarified that, despite the changes, Binance accounts would remain unaffected and continue to operate as usual. A lively discussion about the Binance Visa card issue has taken place on social media. “Binance shutting down their Visa card,” one person said. “The [Gnosis Pay] card cannot come soon enough! wen shipping?” Another user expressed indifference towards the shutdown, expressing a preference for the Crypto.com Visa card instead.
What do you think about Binance shutting down its Visa service? Share your thoughts and opinions about this subject in the comments section below.
Nexo Mastercard Adds Credit and Debit Toggle to Optimize Crypto Usage
Nexo has introduced a new “Dual Mode” feature on its cryptocurrency Mastercard, allowing users to switch between debit and credit functions to optimize cryptocurrency spending.
Nexo Unveils Dual Mode Card Capabilities to Streamline Crypto Payments
Nexo‘s new feature enables real-time toggling between modes within the Nexo app, providing flexibility based on users’ budgets and purchase needs, according to the company’s announcement on Thursday. Nexo said the newly launched service enhances the capabilities of its cryptocurrency card.
“The Nexo Card embodies the pinnacle of customer-centric innovation, cultivated from user-driven needs that Nexo has been diligently addressing over the years,” Nexo co-founder and managing partner Antoni Trenchev told Bitcoin.com News. “By bringing the pioneering Nexo Card with the Dual Mode capability to market, Nexo has further strengthened its position as a leading innovator in the crypto space,” Trenchev added.
First introduced in 2022, the Nexo card was developed with Mastercard and Dipocket. With Dual Mode, the Mastercard offers different functions based on the user’s needs, according to Nexo. The company’s announcement further details that users can earn interest on their balance and make free ATM withdrawals up to €10,000 per month.
Crypto debit cards first emerged around 2016, with early providers like Wirex and Bitpay issuing Visa and Mastercard-brand products. Their popularity has grown as cryptocurrencies have become more mainstream. Over the years, these cards have provided a convenient way to utilize crypto for daily purchases without having to cash out.
What do you think about Nexo’s Dual Mode feature? Share your thoughts and opinions about this subject in the comments section below.
Bit2Me Debit Card Launch Gives Users up to 9% Cashback on All Purchases
Bit2Me, the biggest Spanish exchange, and the first company to be recognized as a virtual service provider by the Bank of Spain has just launched a long-awaited debit card. The Bit2Me debit card works across the entire Mastercard network, enabling both crypto-stablecoin payments across more than 90 million global businesses and up to 9% cash back on all payments.
The Bit2Me card can also be used in-store & online using NFC-enabled mobile devices, such as smartphones and smartwatches. Right now the card can be linked to 8 top cryptocurrencies with more to follow. Users can pay securely for goods and services with Bit2Me’s B2M, BTC, ETH, ADA, XRP, SOL, DOT, and USDT.
Both the AppStore and Android versions enable users to freely switch between multiple crypto wallets simultaneously, making payment in multiple currencies a breeze. Bit2Me intends to bring support to more digital currencies throughout 2023, so that more crypto users will be able to take advantage of all the benefits of the card, such as the 9% cash-back.
Achieving this level of cryptocurrency to Mastercard integration was not a simple process, as Leif Ferreira, CEO and co-founder of Bit2Me explains:
“Dozens of professionals have been involved in this project, and after two years of work, we have found the key to connect cryptocurrencies to the Mastercard payment network. To do this, we had to modify the transaction flow (which is part of the international card payment protocol) so that customers can use cryptocurrencies to pay instantly and transparently for businesses. Moreover, we have managed to add up to 9% cash back on purchases.”
Following their successful 30M EUR ICO in 2021, Bit2Me have been busy building their academy, integrating new tokens for trade, and of course working on improving access to Web3 technologies for the everyday user. In light of this, Bit2Me wanted to give card users a seamless and secure experience like that of a regular fiat debit card. So, unlike some competing crypto cards the Bit2Me card enables users to make cash withdrawals at ATMs, and instant online payments without the annoyance of having to manually exchange funds on the app.
Bit2Me debit card users can also rest easy knowing that secure features like the ability to lock and unlock the card, configure usage limits, and safety-related support for NFC are all at their fingertips.
Striving to combine the flexibility of cryptocurrencies with the security and convenience of traditional finance has been an exciting process, as Andrei Manuel, COO and co-founder of Bit2Me states:
“Our mission is to bring the use of cryptocurrencies closer to everyone. Bit2Me Card allows you to use your cryptocurrencies easily and quickly in your day-to-day life. You can use cryptocurrencies, such as Bitcoin, or stablecoins, such as USDT, at physical or online stores.”
The Bit2Me Card is a huge step forward for the everyday cryptocurrency user with its streamlined payments, NFC-friendly software, and strong security features. As cryptocurrency use has become more mainstream, people are looking for the best features and rewards around, and with up to 9% cash-back for users, Bit2Me’s debit card looks to be a great choice for anyone who wants to get the most from their cryptocurrency use.
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FinTech Behind Cardano’s First Stablecoin Launches Bank Accounts And Visa Debit Cards
COTI is set to launch bank accounts and Visa debit cards for its users. The company which is building the very first stablecoin on the Cardano blockchain is moving forward with new products to expand its service offerings to its clients. COTI had announced that it had partnered with Simplex to bring this project to the fore, which would enable users to operate bank accounts and debits cards on the platform.
COTI has long been working on being a bridge between the finance and crypto world. Its services marry traditional finance offerings with the cutting-edge technology that comes out of the crypto industry. The partnership with Simplex enables COTI to provide its users with crypto-friendly bank accounts and debit cards, which the users will be able to operate and spend globally.
COTI Brings Crypto To Banking
Using the COTI bank accounts and debit cards makes it easy for users to spend their crypto. The bank account provides easy conversion of the crypto to fiat, which can then be spent by the user. In addition to funding their accounts with crypto, users can also load up using swift, SEPA, and cards. This makes it easy for users to spend their crypto no matter where they are in the world.
Related Reading | EMURGO To Invest 0 Million In Cardano To Bolster DeFi Adoption
The bank accounts also provide its users with IBANs and customers can withdraw funds from their bank accounts using SEPA transfers, SWIFT, and ATM withdrawals. With plans to allow users to buy and sell crypto directly from their accounts with the VIPER wallet currently in the works. The accounts are available to customers who reside in the EEA (European Economic Area) and in the U.K.
COTI debit cards are issued by Visa and so the cards can be used anywhere Visa cards are accepted. COTI plans to release its debit cards in more countries as time goes on.
ADA price recovers above .2 | Source: ADAUSD on TradingView.com
Releasing Cardano’s First Stablecoin
It was announced at the Cardano Summit which concluded last week that the foundation had formed a new partnership with COTI. This partnership will see the first stablecoin being created on the Cardano blockchain. Djed, a stablecoin that utilizes smart contracts, will be developed and released by the COTI Group as the first official stablecoin of the Cardano ecosystem.
Related Reading | Charles Hoskinson To Launch Three-Time Grammy Nominee Paul Oakenfold’s Album On Cardano
Djed will serve as an alternative way to pay transaction fees on the blockchain. As the first of Cardano’s decentralized finance (DeFi) protocols are set to debut on the network soon, using a stablecoin to carry out transactions will ensure that fee structures are transparent and more predictable for users. “I believe that adding the Djed stablecoin to the Cardano blockchain will significantly improve how transactions are settled on the platform,” said Shahaf Bar-Geffen, CEO, COTI Group.
A launch date is yet to be announced for the Djed stablecoin. But the COTI group will work in conjunction with the Cardano Foundation to bring this project to life on the blockchain.
Featured image from Forbes, chart from TradingView.com
NewsBTC
A Debit Card for Your Coin with Folgory
An important event as occurred in not just the crypto world, but the entire financial market as news reports emerge of an agreement between Hashfort and Codego. According to Hashfort’s announcement, the company has acquired Codego to improve its value proposition and expand its presence in the payment value chain, including fiat as well as e-money.
While Hashfort is one of the prominent names in the crypto sector with brands like Folgory and WLNE, Codego specializes in software platforms for Core Banking in combination with BaaS (Bank as a Service). The incorporation of Codego into the Hashfort world has made it possible to reorganize the offerings from both companies resulting in exceptional value addition for their users. Moving forward, Hashfort will focus more on offering services while Codego will continue providing software platforms to the financial world, especially cryptocurrency exchanges.
At the same time, one of the most plausible and expected improvements in the market offering from this operation is the enrichment of Folgory’s portfolio. The results of such improvements are already visible as Folgory has started offering its customers the opportunity to take advantage of a full range of banking services, including multi-currency accounts and debit cards.
The possibility of cryptocurrencies offering debit cards for users has been a pressing need for crypto projects and exchange owners for a long time, and it is precisely for this reason that the expectations are high at this point. There are already numerous big players who have expressed concrete interest in the new card following early market rumors and speculations about the possibilities arising from Hashfort’s acquisition of Codego.
Now confirmed, the crypto debit card will be issued in combination with the services of Folgory and it can be requested by an end customer already conducting transactions with coins listed on the Folgory platform. Initially, the cards may offer two levels of customization that includes
- a co-branded card for any coin listed on Folgory issued by the platform, upon request from such coin.
- a fully customized card issued by the coin itself, complete with its own logo and tailored design.
As an additional feature, the coin will be able to integrate its card with any white label solution developed by Codego.
Making the news even more juicy is the pricing. The set-up cost for the operation for a new coin starts from GBP 2000 (GBP 4000 for the fully customized version), with a cost per card of GBP 3.5. At this pricing, it is evident that the access cost for the coin is extremely low. Each end-user will pay EUR 20 (GBP 17.79) to avail the card, and Folgory will share revenues with the coin, in the form of cashback for each issued card.
The new deal is designed to be a simple and immensely powerful business model at the same time. Cryptocurrency projects can now start placing pre-orders for as few as 2000 cards. In the coming days, one can expect these cards to hit the market, offering added convenience to the crypto community when it comes to spending their assets.
eToro Announces Acquisition to Support Debit Card Launch
Global investment platform eToro today announces the acquisition of Marq Millions Ltd, the UK based e-money business. Marq Millions is now trading as eToro Money and will be the card issuer for eToro’s forthcoming debit card.
Commenting on the acquisition, Co-founder and CEO of eToro, Yoni Assia said: “We are proud to announce the acquisition of the Marq Millions business and to welcome the team to the eToro family. The launch of a debit card is a natural next step for eToro as we broaden the range of services that we provide to our users.
“eToro has always been about opening up finance. We offer our users not only the choice of what assets they invest in – from commission-free fractional stocks through to commodities and crypto – but also a choice of how to invest – they can trade directly themselves, copy another user or invest in a portfolio.”
The card will initially be available to eToro Club members in the UK, then Europe and then will be extended to non-eToro users. eToro has over 14 million registered users and expects take up of the card to be strong.
eToro Money has a Principal Membership with VISA and an EMI License permission from the Financial Conduct Authority.
“Over the past thirteen years, we have grown and innovated by listening to what our clients want from eToro. The debit card will provide instant cash-out and cash-in functionality, greatly improving the user experience. We expect to see a strong take up of the card – initially from our client base.” commented Yoni Assia.
Mahmood Kamran, former Chief Operating Officer of Marq Millions and now Managing Director of eToro Money, commented: “We are incredibly excited to become part of the eToro Group. The backing of this leading global fintech, will allow us to issue a debit card which we are confident will become a market leader globally. You can expect to hear a lot more from eToro Money in the coming months and years.”
About eToro Money
Marq Millions is now trading as eToro Money and will be the card issuer for eToro’s forthcoming debit card. eToro Money has a Principal Membership with VISA and an EMI License permission from the Financial Conduct Authority.
eToro was founded in 2007 with the vision of opening up the global markets so that everyone can invest in a simple and transparent way. The eToro platform enables people to invest in the assets they want, from stocks and commodities to cryptoassets. We are a global community of more than 14 million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold and sell assets, monitor their portfolio in real time, and transact whenever they want. www.etoro.com
Disclaimer: eToro is regulated in Europe by the Cyprus Securities and Exchange Commission, by the Financial Conduct Authority in the UK and by the Australian Securities and Investments Commission in Australia.
Image by Alina Kuptsova from Pixabay
US Treasury Issues Stimulus Debit Cards Because They Failed to Launch a Cryptocurrency
Ahead of the approved and now distributed stimulus package that provided individual US taxpayers with up to ,200 in relief, the proposal included the introduction of a cryptocurrency like the digital version of the dollar. However, if failed to gain traction and was pulled.
Because the US Treasury failed to launch a cryptocurrency to distribute stimulus checks, they have now turned to issue debit cards adorned with US President Donald Trump’s name on it.
Stimulus Checks Aren’t Improving Consumer Spending, US Treasury Seeks Alternatives To Boost Spending
To save the already on thin ice economy from sudden failure, the US government and Federal Reserve have been printing money at their whim and issuing stimulus checks to encouraging spending.
The checks are also designed to provide some economic relief to those whose jobs were impacted by the pandemic in some way.
Related Reading | House Democrats Propose ‘Digital Dollar’ in Move Big For Bitcoin: Here’s Why
However, consumer spending remains down and the economy hasn’t seen the boost that the stimulus was intended to create.
Billionaire tech investor Mark Cuban who is on Trump’s task force focused on reopening the economy has proposed alternatives to the stimulus issuance to further encourage spending over savings.
Initially, the stimulus bill had proposed an account denominated in a cryptocurrency like digital version of the dollar to boost spending, but rolling such a platform out on such short notice would have delayed much needed, urgent stimulus relief from reaching consumers.
Failure To Introduce Cryptocurrency Version of Dollar Has Led to Stimulus Debit Cards
The failure to introduce a cryptocurrency version of the dollar has led to the US Treasury creating a debit card designed to deliver any remaining stimulus to individuals.
US Treasury Secretary Steven Mnuchin revealed the debit card alongside President Donald Trump, citing its creation as a means to more quickly and safely deliver money to individuals in need. But the real goal behind moving from direct deposits to debit cards is to encourage spending over stockpiling of cash reserves.
Treasury Secretary Steven Mnuchin launches stimulus debit card pic.twitter.com/MGe6UDTxyu
— Reuters (@Reuters) May 20, 2020
While adding to savings is helpful for consumers fearing the worst, forcing spending is what is truly needed to save the economy from further downturn. If consumers aren’t spending, businesses will feel the crunch, and already out of control unemployment rates will skyrocket further.
Eventually, the United States will someday release a digital version of the dollar, that acts like other cryptocurrency assets such as Bitcoin but without the notorious volatility.
Related Reading | Stimulus Checked: Here’s The ROI on a ,200 Investment in Top Crypto Assets
The digital dollar will essentially be a stablecoin like Tether, USDC, and countless others that have been growing at a rapid pace. Other countries are also developing their own cryptocurrency, clearly showing a defined trend toward change in the future.
But until then, debit cards will be sent to encourage consumer spending – spending that could very well make its way into cryptocurrency assets, as past stimulus money has.
NewsBTC
Binance Users Can Now Buy Four Cryptos with Visa Credit and Debit Cards
n Binance users can now buy cryptocurrencies in pounds and euros via Visa credit and debit cards linked to their exchange accountsn
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EToro to Issue Debit Cards Starting Q2 2020
n Trading platform eToro is reportedly planning to launch a debit card in Q2 2020n
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