It has been a question since long about how to make cryptocurrencies work in actual world. “With Visa card” is the solution by a Singapore-based startup.
TenX – Singapore startup
TenX focuses on debit card as the instant converter of digital currencies into fiat money. It states that a company will take a 2% deduction from the transaction happens each time. With this, they have received order for 10000 cards. The time transactions are capped at $2000/year, Users will have access to increase its limit if any they endure verification procedures.
Cryptocurrency visa card
TenX aims towards making usage of cryptocurrency easier among the cryptocurrency community. The company also accommodate its service with Digital wallet. This wallet is connected to Visa card, it is because whenever a user swiped its card at restaurant or shopping center, the merchant gets paid in local currency and user’s account is debited.
Julian Hosp – Co-founder said in the interview “you’re mixing two worlds that are night and day. When a user spends the cryptocurrency, we have to instantly switch these currencies to fiat and pay to Visa straight away. It’s a lot of pathways.”
He states the immediate transactions are possible with it and it doesn’t involve any charges on top of the conversion fee which is exchange’s customary. This fee reaches to 0.15 to 0.2 %. Furthermore, the card supports 8 cryptocurrencies including Augur and Dash, and aims to serve 11 by this year ending.
“It’s an incredible concept,” said Greenspan. “At the end of the day, it’s going to depend a lot on customer relations. Are they meeting the customers’ expectations? Can somebody else do it better?”
The effort of TenX is to make spending of digital currencies easier since it linked multiple blockchain-based start-ups with ICO’s benefit. (ICOs are linked amongst crowd funding and Initial public offering that companies use to obtain funds via issuing digital tokens than stock).
Moreover, TenX is focusing on expanding its services than becoming a profitable firm.
Hosp said “One thing we want to offer in the end, is that you can switch cryptocurrencies within the app,”