2gether, a Spanish banking platform, has announced the launch of its prepaid Visa debit card that allows holders to pay for goods and services using cryptocurrency. Customers can use the card to make payment in euros or via bitcoin core, bitcoin cash, ripple, ethereum, EOS, litecoin and stellar.
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In a statement, 2gether revealed that the card “instantly” converts the cryptocurrency to fiat currency. Users within the 19-member Eurozone economic bloc can utilize the card without paying any fees. The Madrid-based banking startup believes that with its prepaid card it is solving problems associated with making purchases using virtual currencies.
“Currently, spending crypto is a long and difficult process involving exchanges, personal keys, and lots of waiting,” the company stated. Customers are expected to complete full KYC verification to use the card. Thereafter, they will be able to manage their balances online through a mobile app that also allows users to trade cryptocurrencies. 2gether, which was founded in 2016, has stated that purchases are offered at “no mark-ups to exchange prices.”
Although there has been significant growth in cryptocurrency use throughout the world, most companies and service providers have yet to fully embrace the technology. Adding crypto functionalities to existing card platforms will help to improve adoption. 2gether explained that the latest development will allow it to incorporate Artificial Intelligence and machine learning technologies to assist with financial management, product choices, and investment decisions.
“2gether is developing the bank of the future, where consumers can take full ownership and control of the se...