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Next Group, Arbitrade Exchange to form JV for prepaid cryptocard

US-based technology services provider Next Group has signed a letter of intent (LoI) with Arbitrade Exchange, a Canadian Cryptocurrency banking firm, to form a new joint venture (JV) for the launch of a co-branded Mio-Arbitrade prepaid Gift Card with cryptocurrency capability.

To be released at 30,000 SDI Next convenience stores in the US, the new cryptocard is designed to enable purchase and transfer of cryptocurrency as well as purchase of gift cards, goods and services.

Arbitrade will be the clearinghouse and exchange platform for cryptocurrency transactions associated with card, which will be available in $25 to $1,000 denominations.

Next Group chief strategy officer Adiv Baruch said: “This introduction of a prepaid card that carries all the benefits of our Mio card – plus a secure gateway to the cryptocurrency market – will change the way millions of people manage their finances, from everyday purchases, to transferring assets, to investment in their futures.”

Arbitrade Exchange executive Len Schutzman said: “Our new co-branded Mio-Arbitrade prepaid Gift Card will allow unbanked/underbanked people – more than 100 million in the US alone – to purchase, move assets freely and securely, and to participate in the world’s fastest-growing currency market.”

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