By CCN: 2gether, based in the EU, announced today that it's launching a Visa debit card which will enable users to convert crypto to fiat via ATM quickly. The card itself doesn't charge a fee to make these transactions, but there is a fee involved…
By CCN: 2gether, based in the EU, announced today that it’s launching a Visa debit card which will enable users to convert crypto to fiat via ATM quickly. The card itself doesn’t charge a fee to make these transactions, but there is a fee involved in exchanging the crypto and whatever fees the ATM itself may charge. The card is issued by a registered money transmitter based in Spain.
Once, crypto users dreamed of a day when Bitcoin/Crypto ATMs would be so prevalent that they could go to any shopping establishment and quickly get some cash from their crypto wallets. While Bitcoin ATMs are growing, particularly 2-way ATMs that enable one to buy and sell crypto, the dream is far from a reality. Some states in the US, for example, only have a handful of Bitcoin ATMs. The machines are primarily concentrated in major cities, and for their operators, they can occasionally present a risk.
In a press release, 2gether paints a scenario where their card will make the most sense.
“Imagine you’re exploring the mystical markets of Marrakech, and you suddenly realize that you left all of your cash back at the hotel. However, you just so happen to have €500 worth of Bitcoin, but what good will that do you as the spice merchant stares at you in a state of confusion. How are you going to bring home those spices, teas, and that ornate rug that would look perfect in your living room? 2gether’s prepaid Visa card solves this problem by offering users the ability to directly convert their crypto holdings to withdraw cold hard cash from any Visa-friendly ATM. With 2gether, you also won’t be stranded at the market as you can now hail a cab back to the hotel and pay the driver in cash.”
The offering will be far from the only way that people can access crypto via traditional debit/credit networks. John McAfee is reportedly working on a crypto debit card. Coinbase CEO Brian Armstrong has said that his company’s offering will eventually come to the United States. Both Bitpay and Coinbase have previously offered crypto debit cards.
Companies like Mastercard and Visa have gradually warmed to the idea of Bitcoin and blockchain, after initially decrying their lack of validity because governments don’t “back” them. Mastercard, in particular, had a rocky start with crypto, but today it is one of many traditional finance giants to secure a number of patents based on blockchain.
2gether is more than just a crypto debit card company. They also have a mobile app for “collaborative banking.” As a side note, they’re running an ICO for 2GT tokens. The token will reward holders as the platform grows, as their FAQ states:
“2gether’s collaborative model is built around its native token, the 2GT, which acts as its own unique unit on the app for user contributions, store of value intrinsically linked to the platform’s transactional growth and medium of exchange for 2gether’s stakeholders within our ecosystem.”
Crypto holders in the future will have a variety of options. 2gether joins a growing, crowded space whose overall growth is subject to the ebbs and flows of the broader crypto market.
This article was edited by Samburaj Das.