Cryptex, a cryptocurrency start-up based in Hong Kong, has introduced a new debit card service for digital currencies.
The service allows users to convert Bitcoin into dollars and load them on to their Cryptex Card.
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The card can then be used at ATMs and merchant-based POS card readers.
The card will function like a prepaid debit card and will be issued under a license with Chinese card provider Union Pay.
The card is usable in 80 countries and supported by over 90% of the ATMs in the US, including the Discover card network.
Cryptex plans to build capabilities for the card to load other currencies alongside dollars in the future.
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By GlobalDataThe project is being launched to resolve Bitcoin’s ‘gateway’ problem, the ability to convert Bitcoin into traditional currencies for purchases.
Jamon Rahn, co-founder of Cryptex, said: "This is a huge development for Bitcoin because Bitcoin ATMs are sparsely located and Bitcoin exchanges make withdrawal a burdensome affair.
"We are vastly increasing liquidity and convenience for holders of Bitcoin," he added.
Customers in the US will receive daily limits on the amount of money that can be loaded on to a card in compliance with money transmitter rules.
Rahn confirmed that Cryptex plans to upgrade the reloading process, which currently takes 25 hours, to a fully automated process providing instantaneous conversion later this year.
Related to:
Canada’s Prepaid Bitcoin makes cards available for purchase
Robocoin to launch second bitcoin ATM in Hong Kong
