DEBIT CARD

In the framework of a new trend that many financial entities are following, which incorporate crypto-active products and services, the digital payment company Revolut announced the launch of a metal debit card that will allow purchases and reimbursements, in cryptocurrency or fiduciary money, for the transactions that are made with this new card.

According to information published on the Coingape portal, this August 22, the refund offered will be 0.1% in Europe and 1% outside of this continent, when making payments on cryptoactives such as Bitcoin (BTC), Bitcoin Cash (BCH) ), XRP, Ethereum (ETH) and Litecoin (LTC), in addition to the 25 fiduciary currencies compatible with the company's platform.

The idea, according to the information, is that the cryptography enthusiasts have the opportunity to make their purchases and receive some profit in return. Although it is also indicated as an objective, provide access to cryptocurrencies to a greater number of people. Although the Revolut system, which uses a mobile application that facilitates purchases with 25 currencies throughout Europe, without commissions, imposes a limit that should not exceed 200 euros per month (about $ 232).

For now, only 10,000 cards will be issued. The offer of cash and cryptocurrency refunds will be available to premium customers who make purchases with this new product and make global withdrawals of ATMs for more than $ 772 per month.

The cost of the card is $ 154.2 per year. An amount that has been described by some analysts as high, compared to the costs of services in most banks, considering also that the company does not have a banking license in Europe, which translates into some difficulties for cross-border transactions . Such questions could also be valid within the cryptocurrency ecosystem, taking into account that many of the cryptographic operations are done in a decentralized manner, without intermediaries or with the payment of lower commissions.

The startup, based in London, ventured into the business of commerce with cryptoactives at the end of 2017, when through its application users began to buy, sell, market and save funds in BTC, ETH and LTC. This first feature, called "Crypto Beta", allowed clients who ran out of fiduciary money to use the company's debit card, to use the necessary amount of funds in cryptocurrencies to complete the transactions.

On this incursion in the ecosystem, the CEO of Revolut, Nikolay Storonsky, said that thanks to this innovation the company experienced an increase in its activity, although it has decreased a bit in recent months due to the fall in the price of bitcoin. Even so, the firm's effort is to obtain more business and profits by introducing these new debit cards that include cryptocurrencies, according to the publication.

With this debit card, the digital payments company joins other similar initiatives, which have also created platforms to offer debit cards with cryptocurrencies and make purchases in stores. These cards are recharged with BTC and with them you can pay in euros or dollars instantly. Such is the case of SpectroCoin, Bitnovo and Advacend Cash, among others.

It is a series of innovations linked to the cryptoactive ecosystem, in which more and more companies from the financial sector are becoming involved, seeking to take advantage of the growing public interest in the subject. In this line of action, companies such as the financial institution CLS Group and the technology multinational IBM announced on July 30 the launch of a blockchain applications and services market for financial processes.