Crypto-debit cards failed to impress the community during the last bull run. However, the latest market recovery could swing fortunes in favor of these cards. With a growing number of merchants accepting cryptocurrencies, small industry players have also made a foray into the space.
The latest one to join the bandwagon is the Singapore-based cryptocurrency exchange, Coinbene. The platform announced the launch of a card which claims to have integrated “100% of cryptocurrencies.” In an official blog post, CoinBene revealed that the card can be used for any activity including cash withdrawals, cashback, payment of bills, cash transfers and even integration with WeChat.
The cardholder will be able to pay his monthly bills, track his balance, and even get cashback through apps. Additionally, deposits can be made directly from the user’s CoinBene account by bank transfer or a ticket. The exchange added that the CoinBene Card allows users to settle instant transactions without any fees, by using a QR Code. It further said,
“Besides the traditional ATMs, the CoinBene Card customer will manage to withdrawal money in any establishment that has the label “Friendly Withdraw”, estimated to be more than 15,000 places in Brazil.”
The CoinBene Card, which is operated by MasterCard, allows its users to compete in the global payment and tech firm’s scoring program. With the collaboration, cardholders will be able to explore the firm’s global service network for easy swiping and cash withdrawals, while leveraging CoinBene’s channels for the conversion of digital currency assets and Brazilian fiat currency. In an official announcement, Feng Bo, CEO of CoinBene Brazil, stated,
“The CoinBene and MasterCard’s co-branded card will celebrate the 70th anniversary of the People’s Republic of China, targeting 300,000 Chinese immigrants in Brazil, as well as millions of Brazilian local users radiating from Chinese merchants.”
Previously, the Litecoin Foundation in partnership with BiBox Exchange had announced its native crypto-debit card. The San Francisco-based digital currency exchange platform, Coinbase, also rolled out its Visa debit card in six European countries.