Volinex aims to “make crypto easy” by launching a crypto-based VISA debit card. Find out how it works today in our Volinex review.
What is Volinex?
Volinex, found online at Volinex.com, is a cryptocurrency payment platform that consists of a “cryptocard” and a digital wallet. You stock up the wallet with cryptocurrencies, then spend the cryptocurrency card anywhere a VISA debit card is accepted.
The ICO for Volinex tokens (VNX) took place in December 2017. The company is selling debit cards for 24.90 EUR throughout January and February 2018. Then, they plan to launch the card and other payment services later in 2018.
How Does Volinex Work?
With Volinex, customers can make an IBAN transfer directly from their bitcoin balance. The Volinex team developed software that creates an automatic exchange for this process. This automatic exchange will make “manually transferring and selling bitcoins a thing of the past.”
In layman’s terms, Volinex aims to make it easier for users to pay everyday expenses with bitcoin. Those everyday expenses include bills like rent and electricity or online shopping expenses.
By making bitcoin transferable to an IBAN-compatible account, Volinex aims to make cryptocurrencies more useful than ever before. Today, IBAN-compatible transfers typically take 5 to 7 days to process.
Volinex transfers won’t be instant: the transfer will still take 2 banking days. However, it’s significantly faster than the existing bank transfer process.
Volinex also has a partnership with VISA that allows the company to offer debit cards. Similar to other crypto debit cards, you top up your Volinex debit card with a click in the Volinex app. That card will purportedly allow you to withdraw multiple cryptocurrencies into cash, including BTC, ETH, LTC, and BCH.
Features of Volinex
Volinex advertises all of the following features for its “cryptocard”:
- Multiple Cryptocurrencies: Compatible with BTC, BCH, ETH, and LTC
- Accepted Worldwide: Volinex will be accepted in 200+ countries worldwide, in 45 million POS systems
- No Spending Limit: Volinex won’t restrict your daily spending limits
- Technology: Volinex will use the “newest debit card technology” (no further explanation is given)
- Design: “Fantastic design” (again, no further explanation is given)
Ultimately, none of these features are currently implemented into the Volinex debit card. In fact, the Volinex debit card does not exist – and it won’t even be launched until the near future.
Right now, the company is accepting pre-orders for the card (which, again, does not exist). Once they’ve accepted pre-orders throughout January and February 2018, the company will launch the card in March 2018. The next date on the Volinex roadmap is the launch of the exchange and the mobile app, scheduled for October and November 2018, respectively.
Volinex’s debit card is priced at 24.90 EUR.
Volinex is founded under the name “Volinex AG”, a Switzerland-based company.
However, the company claims its operational headquarters is in Barcelona. The company does not appear to be certified as its own licensed EU bank. However, according to the timeline on Volinex.com, they plan to get that license in 2019.
The company is led by Alexander Meixner (CEO), Silvan Keiser (Office Manager), and Wouter Collignon (Marketing Manager). These are the only three members of the team listed on the Volinex.com homepage.
There’s no additional information about the CEO, Alexander Meixer. There’s no link to his LinkedIn profile, for example. The website vaguely mentions that he has previously worked with Deutsche Bank and Commerzbank, but there’s no specific information about any of his positions.
You can view the Volinex fees page here: https://www.volinex.com/fees/. Some of the notable fees include:
- Physical Card Issuance and Delivery: 24.90 EUR
- Top Up: 1% per transaction
- Transaction Fee: 0 EUR
- ATM Transaction: 2.25 EUR (domestic) or 2.75 EUR (international)
- Monthly Fee: 1 EUR
- Foreign Transaction Fee: 3%
- Card to Card Transfers: 2.5 EUR
- ATM PIN Change Fee: 8 EUR
- Card Replacement: 12 EUR
Volinex is advertising a powerful cryptocurrency debit card. Unfortunately, that debit card does not appear to exist. The debit card is scheduled to be released in February/March 2018. The company is accepting pre-orders (at 24.90 EUR apiece) throughout January and February 2018. The company is making enormous promises about the card – including the fact that it will be accepted in 200+ countries worldwide. They also claim they have a partnership with VISA.
Overall, there’s not enough information online to support anything that Volinex is selling. The company’s website features limited team information or technical details of the platform. There’s no whitepaper.
Furthermore, the company’s “fees” section makes the card seem similar in price to a traditional debit or credit card: you pay 3% foreign transaction fees, for example, along with a monthly maintenance fee. To decide for yourself if Volinex is worth an investment, visit online today at Volinex.com.