In November 2013, I had discussed the Coin Card – a new hardware that enables users to store all their cards on a single card and manage it with the smartphone through BLE. A pre-order campaign had been planned by Coin for November 15th. The plan was to top out at $50,000. That limit was crossed within barely 40 minutes. The card basically went viral, and opinions from various parts of the industry seemed to point out that maybe consumers are not ready for a mobile wallet yet. In a similar move – and what could be a tremendous boost for the virtual currency - on 8th April 2014, Hong Kong based startup Cryptex launched the Cryptex Card.
Cryptex is the first debit card in the world that will enable users to convert cryptocurrency into cash at millions of ATMs and merchant’s POS terminals across the globe. This is regardless of whether the merchants or banks in question accept cryptocurrency or not.
A vast many of my friends that are interested in buying Bitcoins and even Litecoins for that matter give up due to all the hassles that they encounter. This debit card simplifies things extraordinarily from a consumer point of view and could be a gigantic development for Bitcoin as well as all other cryptocurrencies in many ways. Imagine – now you can go out and buy pretty much buy any sorts of goods or services globally in your local currency - utilizing the local ATMs and merchant systems that are already in place.
- The Cryptex card system establishes a method of bypassing the need for a bank account altogether.
- All the user has to do is deposit his Bitcoins in a Cryptex account and withdraw the equivalent in cash from an ATM. He can also buy stuff at the POS terminals in store.
- The debit cards will work at ATMs in over 80 countries around the world, including 90% of cash machines in the US, according to the company.
- Users can buy the cards in four denominations: $10, $25, $50 and $100. Each card is loaded with the corresponding amount of Bitcoin.
- Where is the Smoking Gun? In stark contrast to traditional debit or ATM cards, the Cryptex Card will be obtainable and accessible to human beings in any country on the planet.
- Cryptex says that they will begin shipping personalized cards within six weeks to approved applicants.
“Bitcoin is the fastest way to transmit money but it is currently really prohibitive on where you can spend it and where you can turn it back into money for everyday use. Cryptex allows people to have greater convertibility of their bitcoin holdings,” said Cryptex co-founder, Jamon Rahn. “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.”
Cryptex Card is available in these regions:
Cryptex Inc. is a new cryptocurrency financial services company founded by payment veterans based in Singapore and Hong Kong. The company’s seed investors include Tero Ojanperä (managing partner, Vision+ Fund and ex CTO and past member of the executive board of Nokia), Ken Hertz (senior partner at Hertz Lichtenstein Young Media Law and early investor in Spotify), Uber and Basis; and Michael Terpin – the co-founder of BitAngels and founder of Marketwire. Cryptex also has plans to launch other cryptocurrency card offerings and payment solutions.