Web2 and Web3 tools are merging as crypto-backed debit cards
Luisa Crawford Feb 12, 2023 06:50
The Bit2Me card supports eight cryptocurrencies, including BTC, ETH, ADA, and SOL, with more anticipated later this year.
As the use of crypto-backed debit cards becomes more widespread, there is an ongoing consolidation of Web2 and Web3 solutions.
Bit2Me, the most important cryptocurrency exchange in Spain, made a statement on February 10 about the launch of its new cashback debit card, which was developed in collaboration with Mastercard.
The original Bit2Me card allows its users to make transactions via the Mastercard network, which is used by millions of merchants all over the globe. This new upgrade gives consumers the opportunity to earn up to 9% bitcoin cashback on all transactions, regardless of whether they were done in-store or online.
At the click of a mouse, "[The] idea is that every user from anywhere in the globe has simple access to the boundless universe of Web3 financial services,"
Eight cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Ripple (XRP), Solana (SOL), and Polkadot (DOT), as well as the stablecoin Tether, are supported via the card and wallet (USDT).
It has been claimed that the corporation intends to support other currencies before the end of the year. At this time, users may access Bit2Me from 69 different countries all around the globe. Users who reside in the European Economic Area (EEA), on the other hand, are only permitted to submit an application for the virtual form of the card.
After making the first statement in 2021 that it would be providing services all over the world, Bit2Me has been planning to expand its service offerings for some time now. When the local Spanish trading platform 2gether went down in July, the exchange was quick to step in and provide assistance to the 100,000 cryptocurrency investors who had been prevented from using its platform. This was done after the investors were barred from using the now-defunct site.
During this time, Mastercard has also been quite active in the Web3 arena, delivering new services and possibilities to its customers and users. Over the course of the previous year, it has selected at least seven blockchain and cryptocurrency firms to participate in its fintech accelerator program.
Additionally, the firm collaborated with Polygon to develop a Web3 musician accelerator program. This program will concentrate on the convergence of the music industry and new technology.
Mastercard made the announcement on January 31 that they would be working with Binance to offer their second prepaid cryptocurrency card in Latin American countries.
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