Crypterium Card, the first global crypto card available, has been launched by Crypterium, a financial technology startup based in Estonia. Crypterium presents the Global Crypto Payment Card.
Crypto cards, such as the Coinbase Card, were only available in particular nations or by region, depending on the business. Coinbase announced that after being only accessible to customers in the UK, it would like to extend the services to six additional European countries.
Crypterium is of the opinion that crypto cards are the “easiest and fastest way for holders to access their digital currencies.”
Matias Lapuschin said in an email to a media source:
“By ‘global’ we mean that no matter where people are based, they can order and receive it in only 3 business days.”
This was confirmed on the company’s website.
The firm has already evaluated the payment facilities to verify that it operates as a payment alternative through 5,000 Estonian customers who have preordered.
Siranush Sharoyan, business representative, said in an interview, that the product was tested by the developers during travel for crypto conferences around the globe, using prepaid plastic to buy products and services in bitcoin, ether, and litecoin across the Americas, Asia, and Europe, thus confirming the advertised statement of worldwide implementation.
The card links 5,00,000 users based on U.S and U.K through Crypterium application. Crypterium presents the Global Crypto Payment Card.
Further, interested clients need to provide identity proof (passport, driving license or any National ID) and proof of residency(in the form of utility bill) or bank/credit card statement.
Although there is a 1.5% fee while adding prepaid funds, there is no transaction fee.
There are some restrictions like a daily limit of $10,000 per day and a monthly limit of $60,000 per month; “which should be enough for anybody,” said Sharoyan.
“Unlike other players in the market, we opted for UnionPay as a card processor because it’s the only one that enables global coverage. Visa and MasterCard work in regions: UK, Central Europe, US, etc.,” said Matias Lapuschin, a representative for Crypterium. “For UnionPay, it’s either China or non-China. That gives us the flexibility to serve all countries left behind by the rest of the cards in the market.”
Steven Parker, former Visa Europe CEO, serves as CEO. Through its two primary initiatives, the firm seeks to create “cryptocurrencies as liquid as money.”
Crypterium saw that in terms of facilities, the areas where individuals treated crypto as currency were also undeveloped.
“The main players in the [crypto card] market are focusing on developed countries, like the UK, US or EEA. That’s leaving behind plenty of holders from countries like Venezuela, Brazil, India, South Korea, etc. The Crypterium Card was designed to promote inclusivity in crypto-based financial services,” said Lapuschin.
Sharoyan said the firm is concentrating on “major cryptocurrencies,” as well as companies “that are prepared to help us promote the product” through co-marketing or partnering to create solutions for their communities.