In recent years, the rise of the crypto card has made considerable steps towards the legitimization of cryptocurrency. They work like a regular debit card, except that the funds are withdrawn from crypto funds rather than a bank account.
Chain2Pay, a subsidiary of the blockchain company MinexSystems, will soon launch new cards for MinexPay, the company’s effort to find a practical use for cryptocurrency.
These cards offer a way to stay protected from fiat inflation in places with their own volatile currency. Options like MinexPay’s crypto debit card allow users to spend a stable cryptocurrency without changing anything about their daily life. It’s the equivalent of moving from one bank to another. Boris Shulyev, Minexsystems CEO, says that, “With MinexPay, payments can indeed be made anywhere in the world Visa or Mastercard cards are accepted, as they work the same way.” This includes countries where cryptocurrency has been prohibited by the government, due to the exchange being made through the bank and not a crypto exchange. Shulyev continues: “The transaction speed is an average of three seconds, because the user does not need to wait for the crypto to exchange to fiat through the exchange. The fund provides that step in advance, so a fiat equivalent is ready to use on demand.”
The main advantages of MinexPay are summarized hereafter:
Borderless: Worldwide payment with MinexPay card wherever VISA or Mastercard is supported.
Ease of use: The process required for exchange is already taken care of.
No disruption of service: Funds are available at any time using the mobile application or the website.
Real-time governance: The current balance, displayed in the currency the card has been issued with, constantly updated, allows to choose the right currency to spend.
Low service fees: The Standard card charges a 2% withdrawal fee for the company’s currency, Minexcoin, and 4% for all other cryptocurrencies. In comparison with other cryptocurrency cards, MinexPay offers reduced service fees, as well as up to 1% cashback.
MinexPay is the step to the long-awaited thing that cryptocurrency has actually promised to do – eliminate the banking middleman and return money to the consumer’s hands. Cryptocurrency debit cards are the step to a blockchain based future.