Power Ledger is an Australian cryptocurrency, but it was never designed to be used just like cash. Now, along with other cryptocurrencies like Bitcoin, Ethereum, Litecoin, and XRP, these can also buy your groceries.
This comes after myCryptoWallet which is a cryptocurrency exchange, launched myCryptoCard. This feature now allows its users to spend any of the five cryptocurrencies, given that these are approved by the EFTPOS (the nation’s universal payment network).
This also means that the coins can be used in one million locations and 30,000 ATMs around the country
The Way It Works :
myCryptoCards are connected to the account of the respective user on the myCryptoWallet exchange. It holds Ethereum, Litecoin, Ripple, Bitcoin, and Power Ledger cryptocurrencies.
Australian dollars are converted at the point of sale according to the current exchange rate and the cryptocurrency prices. Further, when an amount is withdrawn from the ATM, it is deducted from the user’s cryptocurrency balance available on the myCryptoWallet platform.
The application process usually takes about two weeks and is done entirely through the myCryptoWallet website.
Is this a New Reform?
The company claims it is different from the rest of the cryptocurrency cards as it has not limited its use to just Bitcoin. Besides, there are no fees involved to withdraw or spend by using myCryptoCard.
Furthermore, there are plans in the pipeline to add 50 news coins to the myCryptoWallet platform in the near future. In other words, it would be possible to spend more than just the five cryptocurrencies in the coming days.
myCryptoWallet CEO Jaryd Koenigsmann claims that this new innovation is a step in the right direction for the acceptance of cryptocurrency in Australia. He said,
“We’re taking a big step to make cryptocurrency a bigger part of offline daily life.”
“Whether it’s a cup of coffee, groceries or new pair of jeans, Australians can now pay in crypto with the myCryptoCard. The cards mean consumers have the flexibility to use crypto where, how and when they like, and do away with so many of the fees that come about when exchanging back and forth between crypto and fiat.”
myCryptoWallet which is based in Australia is about to add 50 new tokens for trading and will also implement a zero fee rate. It is based in Melbourne and offers services such as withdrawals, fiat deposit, a peer-to-peer marketplace, and exchange between New Zealand, Australian and digital currencies.
Aside from these customer services, myCryptoWallet lets customers control investments in the space of online marketplace. In other news, trading fees were removed from the platform on the 6th of February. This is applicable for all the different cryptocurrencies accessible on the platform. This includes Power Ledger, Litecoin, Ripple, Bitcoin, and Ethereum.