Crypto Credit Cards: The Three Cards To Know

Crypto credit cards have been rumored and discussed for as long as the market exists. Bringing a card to consumer markets would be a big sign of crypto’s adoption path. So where are we on crypto credit cards and which are the most promising projects?

What is a crypto credit card?

A crypto credit or debit card is just like any other card that you can use at a PoS or an ATM. The main difference in this situation is that you draw funds from your cryptocurrency wallet and not from a credit line extended to you.

The main benefit of crypto credit cards is the convenience, as they allow anyone to spend their cryptocurrency as they would in the case of typical fiat currency. Another advantage of crypto credit cards is the fact that you don’t need to worry about exchange rates.

Cryptocurrency credit cards could change the way people think about spending virtual and digital currencies.

Some of the biggest names in crypto credit card development are Nexo, TenX, and Monaco.

Nexo

On April 30th, 2018, Nexo launched the world’s first instant crypto-backed loans platform, announced via a blog post. Nexo aims to revolutionize the loan industry by boasting that investors and businesses won’t need to ever choose between accessing cash and holding their cryptocurrencies.

In short, Nexo allows its users to enjoy their own crypto wealth without having to actually sell it.

The platform is designed to be both security-focused and  user-friendly. It provides you with the option of depositing your crypto assets to your secure Nexo wallet and benefit from instant loans via flexible credit lines. The loans are backed up by your own holdings. Thus, no credit card checks and other procedures are required.

1 2

Source: https://nexo.io/

The fiat can be instantly spent directly from the company’s crypto credit card (called Nexo Credit Card). One other benefit of this method is that you have to pay interest only for what you use. There are reportedly no minimum repayments and no hidden fees.

Nexo also has an ace up its sleeve when it comes to repayment options, namely, it allows you to pay loan repayments in fiat or even other cryptocurrencies stored outside Nexo.

The platform is highly accessible (worldwide) and, as long as you have cryptocurrencies, getting a loan is quite easy. Since all loans are collateral-based, having a credit history does not matter.

The company also boasts that it is the first USA-compliant security token under Regulation D Rule 506(c).

Nexo is powered by a so-called “Nexo Oracle system.” According to the official roadmap, Nexo has big plans for the future—with payment cards, mobile, and desktop apps. Going forward, Nexo hopes to increase the maximum loan limits and perform a second airdrop (Q4 2018), to finalize the acquisition of the FDIC-insured Banking Institution, as well as introducing deposit accounts (in Q1 2019).

TenX

TenX is a digital wallet and physical card that, just like Nexo, can be used to spend cryptocurrency anywhere, even in places that don’t accept crypto. The service is quite affordable, as you can order a physical card for about $15. There are annual fees of $10 per card if the spendings don’t go over $1000 in 12 months. The downside is that the service charges a $2.50 fee for every ATM transaction you make.

2

Source: https://tenx.tech/en/

The service also incentives its users with a 1% reward for every purchase. TenX can be used in any place where Visa is accepted.

Monaco

Monaco is a similar service built atop of the Ethereum blockchain. The service offers four types of cards, very different amongst each other. There are differnt card ties, depending on your holding of MCO tokens over 6 months: Ruby Steel (50 MCO), Precious Metal (500 MCO), or Obsidian Black (50,000 MCO). The entry-level card is called Midnight Blue, and it doesn’t require you to hold any MCO tokens.

The fees differ depending on the type of card you hold. The monthly limit varies from $200 for the Midnight Blue card to $1,000 for the Obsidian Black card. If  monthly limits are exceeded, then you are charged a 2% ATM fee. The 1% fee applies to all types of cards each time you buy cryptocurrency. It’s a similar situation when it comes to rewards that vary from 1 to 2%. The cards currently support Monaco Tokens, Ethereum, and Bitcoin, and they are available in Asia, Europe, and North America.

3

Source: https://mco.crypto.com/en/

The global financial ecosystem has long been transitioning towards a completely digital model. While various challenges have been met (and addressed) along the way, there is still a lot of room for evolution, especially with cryptocurrencies. As cryptocurrencies  become  more popular, so may these credit cards, which are bound to change the way we use crypto to pay for daily services and products.


Source
Author: UseTheBitcoin
Image Credit

Stellar, 0x and Monaco Lead the Crypto Market Higher

Altcoins are starting to recover as Bitcoin continues higher.

After a three-day selloff leading into the weekend, the cryptocurrency market has recovered over the last 24 hours, lead by notable altcoins including 0x (ZRX), Stellar (XLM) and Monaco (MCO).

The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, jumped from 100.95 to 103.18 over the last 24 hours as of 1:00 AM (EST), representing a 1.7% gain. Over the previous 7 days, the ALT100 hit as high of 109.1 on Wednesday, before pulling back.

The major constituents of the ALT100 include Bitcoin (48.76%), Ethereum (17.46%), Ripple (6.79%), Bitcoin Cash (5.16%), EOS (2.73%), and Stellar (1.95%).

AltDex

The biggest gainers within the ALT100 include 0x (+10.63%), Monaco (+9.25%), Nuls (+7.74%), and Stellar (+7.26%).

Other cryptocurrency categories have recovered over the last 24 hours as well. The AltDex Exchange Token Index (ALTEXC), a benchmark index for the industry’s leading exchange tokens, has increased 3% while the AltDex Privacy Index (ALTPRV), a benchmark index of privacy-focused cryptocurrencies and tokens, is up 2.2%.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source

Author: Craig Russo 

Image Credit

Don’t forget to join our facebook page for Crypto, Business & Technology news delivered to you daily.

 

Crypto News Flash: Stellar (XLM), Tron (TRX), Ripple (XRP), EOS, Cardano (ADA), Monaco (MCO)

From a Stellar trading app to new crypto credit cards, here are some of the stories breaking in the world of cryptocurrency.

Cardano

Cardano says a partnership between Emurgo and Metaps Plus is on track to launch in Q3 of this year. The deal will allow more than 33,000 stores in South Korea to accept ADA as a form of payment.



Tron

Cryptocurrency exchange BJEX says it finished migrating its customers’ TRX ERC20 tokens to the new Tron blockchain and has reopened deposits and withdrawals. Meanwhile, Huobi Pro has also made progress in its migration and says deposits are up and running, but not withdrawals.

TRON mainnet upgrade has been completed. Deposit will be available from July 4, 6PM (GMT+8). TRON withdrawal service has been disabled, kindly stay tuned to our announcement for updates.

Discover👉https://t.co/ri5utIy3Qg@Tronfoundation @justinsuntron #HuobiPro $TRX pic.twitter.com/ZWr7MbtMdu

— Huobi Pro (@Huobi_Pro) July 4, 2018

EOS

The former CEO of a top global investment banking company will lead the $1-billion venture capital division at EOS. Michael Alexander led Jefferies Asia for eight years, and will manage both direct investments and partnerships at EOS.

Stellar

The co-founder of Stellar has announced the “first full-featured trading app for Stellar’s universal marketplace.” StellarX promises to offer zero trading fees and “list every asset class imaginable” including fiat, crypto and bonds.

Announcing StellarX! A user-friendly and totally free place to trade on @StellarOrg’s universal marketplace. https://t.co/tPNYGY2qe0

You trade on-chain. We refund all network fees. Swap crypto, fiat, commodities, whatever.

Get an invite here: https://t.co/CVSogvKJGE

— StellarX (@stellarxhq) July 5, 2018

Ripple

Ripple is launching a new web series to “cover the latest news about Ripple’s customers, technology, products and culture.” Videos will be released twice a month. The first one features Catherine Coley, head of XRP Institutional Liquidity, and centres on the importance of liquidity.

Monaco

Monaco says it’s received its first batch of working Monaco Visa cards from its hardware manufacturer. The company has released a couple of videos showing how the card can be used to let you easily spend cryptocurrency wherever Visa is accepted.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author Daily Hodl Staff
Image Credit

Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily