Crypto Debit Card Launched By Blockchain Payment Chain2Pay
Chain2Pay announced on Wednesday, 31st October that it has launched a crypto debit card for active digital currency users.
The card will allow users to spend their cryptocurrencies just as if they would use traditional debit or credit cards on PoS or online. The card will be launched for MinexPay users.
Chain2Pay and MinexPay are subsidiaries of a blockchain development company, MinexSystems . Both Chain2Pay and MinexPay are dedicated to the development of crypto payment systems that can be used in every day lives.
Regular Card, Crypto Money
The debit cards have been designed to hold crypto funds, instead of fiat. Whenever a card holder will swipe it, instead of money being transferred, the crypto holdings of the card holder will be charged.
The card can be practically used anywhere in the world. Boris Shulyev, CEO of MinexSystems said
“With MinexPay, payments can be made anywhere in the world Visa or Mastercard cards are accepted, as they work the same way”
The beauty of the MinexSystems’ debit card lies not in its ability to let card holders use their crypto currencies, but in the fact that the digital money runs through a holding in a bank. Other crypto payment companies offering debit card services employ exchanges. This can limit the functionality in countries where cryptos are not allowed to be used.
With MinexSystems’ Chain2Pay and MinexPay, this is not a problem. The payment will be made through traditional banking channels, creating a merger of services designed for fiat, but all the power and freedom of cryptocurrencies.
“The transaction speed is an average of three seconds,” CEO Shulyev continued, “Because the user does not need to wait for the crypto to exchange to fiat through the exchange, the fund provides that step in advance, so a fiat equivalent is ready to use on demand”
Chain2Pay is also marketing the debit card towards resident of countries where there is high inflation and volatility of local fiat. The situation, at first sight seems ironic, since cryptocurrencies are notorious for fluctuating values. However, according to some reports, the market is seeing signs of maturing, especially bitcoin. The recent narrow window of high and lows is a major suggestion of maturation.
If this is so- and if the market is actually maturing, Chain2Pay debit card is definitely a product for not only residents of economically challenged countries, but for others too.