Up until now, there has hardly been any talk about issuing a debit card cryptocurrency users can fund with Ethereum. Bitcoin debit cards are becoming very common, and Coinizy is the first company to launch and Ethereum debit card.
The Coinizy Ethereum Debit Card
On May 11th, Bitcoin to fiat exchange Coinizy has announced they are launching the Ethereum debit card, as well as the full launch of their exchange services. After being in beta for six months, the team has collected valuable feedback from its users, and the time has come to fully launch the platform to the public.
Coinizy CEO Yannick Losbar told the media:
“While the Ethereum founders probably didn’t envision their crypto-currency to be a store of value, the impressive volumes exchanged each day on traditional and trading-oriented platforms despite the lack of clear consumer-oriented applications revealed a real market interest. We are also seeing a proportion of Bitcoins holders who are shifting towards Ethereum since they are increasingly preoccupied about the possible depreciation of their assets the Block Size debate is likely to cause.”
Ever since the Coinizy platform launched in beta a few months ago, they have been focusing on making the conversion from Bitcoin fiat as conveniently as possible. The company offers some interesting features, as they support Western Union, PayPal, and various debit card withdrawal options for all of their users. This is quite a change of pace from the traditional wire transfer withdrawal option most other platforms offer.
Moreover, Coinizy keeps looking to the future, as they see a lot of promise for the concept of an Ethereum debit card. Similar to its Bitcoin counterpart, this debit card would allow any Ethereum holder in the world to spend cryptocurrency wherever credit cards are accepted. Additionally, this brings a lot of new real-life use cases to the table for Ether.
For the time being, it is not yet possible to fund an Ethereum debit card with a smart contract directly, but the Coinizy team is working on an API to allow for such transfers. Additionally, such an API could serve as a gateway for other users to spend Ether, even if the recipient doesn’t accept cryptocurrency payments directly. Coinizy wants to offer an Ether payment gateway which can be used to query, pay for, load, and use the instance-issuance virtual Visa debit card in an automated fashion,
Source: Press Release Via Email
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