Crypterium, a fintech company that is focused on making cryptocurrency as flexible as cash, has launched the Crypterium Card. Operating in the same way as a traditional prepaid card, the Crypterium Card is loaded with cryptocurrencies and can be used with retailers both online and in the real world.
Crypto-backed cards offer a fast, convenient way to convert digital currencies into local currency wherever the holder is, but up to now they have only been valid in specific countries, regions or retailers. The recently launched Coinbase Card for example, is only available to UK citizens.
The Crypterium Card transends geographical limitations. It is the only prepaid card in the market that is available globally and lets holders use cryptocurrencies to seamlessly pay for coffee at Starbucks, an order from Amazon, a subscription to Netflix, the weekly shop, school tuition fees or even medical bills.
“One of the major barriers to general crypto acceptance has been the fact that it is very difficult to spend cryptocurrency in the real world, and any solutions offered so far have been confined to specific countries or retailers” says Steven Parker, CEO at Crypterium. “But the beauty of cryptocurrencies is that they are designed to be borderless and global. The Crypterium Card lives up to this borderless, global ideal: anyone can apply for one and start using their cryptocurrencies to pay for things in everyday life. This has the potential to take off as quickly as NFC.”
The card is linked to the Crypterium Wallet, a mobile app that lets account holders buy, store and manage multiple currencies, such as Bitcoin, Ethereum, Litecoin, USD Coin and Crypterium’s own CRPT token. A further 11 currencies are expected to be added by the final quarter of 2019. The app can also be used to carry out a range of standard account functions such as blocking and unblocking accounts, changing PINs and tracking expenses.
Crypterium has worked closely with financial regulators around the world to ensure that the Crypterium Card is compliant with regulations wherever it is accepted.