There is no doubt that cryptocurrencies are experiencing steady adoption around the world. As more and more people are favoring it, the number of merchants who accept payments in crypto is also increasing every day. No wonder this has prompted companies to offer crypto-based debit cards. The latest firm to venture into this niche is CoinBene, a digital currency exchange platform based in Singapore.
The exchange, in its official Twitter post dated 23rd July 2019, announced the launch of the first card that incorporates 100% cryptocurrencies. This card can be utilized for several activities, ranging from cash withdrawals, bill payments, cash transfers to cashback, and integration with WeChat application. The same day, CoinBene also published a blog post on Medium to throw more lights on its new endeavor.
CoinBene Launches the First Card That Integrates 100% Cryptocurrencies https://t.co/2bJu4lLTh1
— CoinBene Global (@CoinBene) July 23, 2019
CoinBene Brazil’s CEO, Feng Bo, came forward to share insights on this partnership. Bo’s statement said that the co-branded card of MasterCard and CoinBene would celebrate the People’s Republic of China’s 70th anniversary. It will target 300 thousand Chinese Immigrants in Brazil along with the millions of local Brazilian users, radiating from the merchants of China.
Thanks to the partnership, cardholders will easily be able to use MasterCard’s strong network spread around the globe for cash withdrawals as well as easy swiping. At the same instant, users will be able to take advantage of CoinBene’s efficient and reliable crypto exchange gateways to carry out instant conversions between crypto-assets and Brazil’s fiat currency Reais.
According to the blog post, this card, available in two types – Platinum and Gold, will let the users track their balance, pay monthly bills, as well as receive cashback through applications. Another interesting thing about the card is that the cardholders can make direct deposits from their CoinBene account through a ticket or bank transfer. If that was not all, it also facilitates instant peer-to-peer money transfers, minus any fees, with the help of QR code mechanism.
The exchange said in a statement that other than the conventional ATMs, users of the CoinBene card will be able to withdraw money from any establishment which possesses the “Friendly Withdraw” label. Interestingly, the number of such places providing easy withdrawals is roughly over 15,000 in Brazil. Other than that, as MasterCard will be operating this card, it will be possible for users to take part in the Mastercard scoring program, earning them 1 point every time they use the card.
This card will make a significant contribution to the presence and development of the crypto exchange in Brazil, notes the blog. In fact, this is the first time that Brazil is witnessing the issuance of such a card that integrates digital currency. It is also the first tailor-made financial service offering for Brazil’s Chinese community.
The announcement also revealed that based on this card service, the CoinBene exchange will also be operating a string of financial service offerings, attaining the traditional finance and crypto integration. It is also worth noting that at present, CoinBene is the sole large global exchange that offers crypto and Reais transactions in Brazil.
Earlier, the Litecoin Foundation announced its very own cryptocurrency debit card in collaboration with BiBox Exchange. Coinbase, on the other hand, has already unveiled its cryptocurrency debit card in as many as 6 European nations.