Millions of dollars spent on these crypto debit cards... but on what?

Crypto debit cards have gained popularity in recent years, and one company is aiming to gain an upper hand over rivals by eliminating downsides and offering competitive perks.

In the early days, cryptocurrencies could only really be used for investing and trading. If you wanted to make a purchase using digital assets, you’d probably end up disappointed.

Crypto debit cards have burst onto the scene in recent years — paving the way for these cutting-edge currencies to be used for everyday products. There’s just one problem… many products on the market have their limitations.

More often than not, the owners of these debit cards need to top them up before they can be used, and their prepaid nature sometimes means they can’t be used to book hotel rooms, rent a car or withdraw funds from an ATM.

But one digital asset gateway says its product functions like a true debit card, unlocking use cases that may not have been available to crypto enthusiasts in the past. CoinZoom’s Visa card converts crypto to fiat instantly at the point of sale. Each account comes with devoted wallets for fiat currencies and dozens of major coins — including BTC, ETH, XRP and LTC. All shoppers need to do is decide which wallet they would like to be debited for their transactions.

“One of our primary goals is global expansion and greater crypto adoption,” CoinZoom’s CEO and founder Todd Crosland told Cointelegraph. “We believe that the CoinZoom Visa card is a solid step forward in this direction. Our Visa card allows people to spend their crypto seamlessly and instantly at over 53 million merchants worldwide, making it an easy transition from spending fiat to spending crypto on everyday purchases.”

Hey, big spender!

Figures suggest that millions of dollars each month are being spent on CoinZoom cards. Bitcoin and more than 25 other cryptocurrencies are supported. Their users are spending crypto in some fascinating ways — on everything from plane tickets to Airbnb stays, Apple products to Louis Vuitton couture, and furniture to groceries at Costco. Some have even flashed their plastic when they’ve needed car repairs or to pay for medical school tuition. All of this helps to illustrate how versatile this debit card is.

A common theme among crypto debit cards involve cashback for making purchases, and CoinZoom claims that it can offer users a better deal than other established rivals.

The brand offers five tiers of cards — all of which offer 24/7 support, access to ATMs, security features and debit card roundups. Users can also benefit from worldwide peer-to-peer fiat money transfers, with daily limits rising depending on the type of card someone owns. These cards can also result in discounts on trading fees through its exchange.

Choice and simplicity

CoinZoom’s choice of cryptocurrencies will be good news for those who may be reluctant to spend their Bitcoin, amid concerns that the value of the digital asset could rise further. (Some with long memories may recoil with horror at the thought of making the same mistakes as Bitcoin Pizza Guy, who ended up splashing out 10,000 BTC on two pies… crypto that would have had a market rate of $180 million at the time of writing.

Overall, this is a company that wants to enhance levels of crypto adoption through debit cards that are affordable for everyone. CoinZoom’s products are also geared towards those who are interested in acquiring digital assets for the very first time.

The brand’s Visa cards are currently available in the U.S., and the company is planning to expand to Europe, Canada and parts of Asia in the months ahead.

As reported by Cointelegraph, CoinZoom’s exchange is aiming to bridge the gap between foreign exchanges, futures, stocks and banking — opening up digital assets to institutional and retail traders across all four corners of the globe.

Sourse: cointelegraph.com


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