The world of cryptocurrency debit cards is growing a lot more competitive in the future. Several companies held an ICO over the past year to raise money for such projects. Three main debit cards are on a lot of people’s radars right now, although it remains to be seen if any of them can deliver. These cards all have promise if the team can deliver on their promise, though. It is good to see support for Ethereum via these cards as well, as that is pretty unusual.
Although this card has nothing to do with the micro state in Europe, the Monaco debit card will offer support for popular coins. Analyzing all promising contenders and gradually rolling out support sounds like a solid idea, but it may be more difficult to achieve than originally anticipated. For the time being, the card will focus on both Bitcoin and Ethereum first, although that list could grow pretty quickly. Being currency-agnostic when it comes to debit card certainly has its advantages, assuming it will work as advertised.
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The Monaco ICO did not sell out quickly, which is both a good and a bad thing. Their announcement of the card happened one month prior to the crowdsale. According to the latest information, the Monaco mobile app and card pre-orders should become available August 31st. A lot of people will be watching, including some of the company’s competitors in this space. There will also be a discount program for participating retailers, although the specifics are kept under wraps for the time being.
2. Token Card
Most cryptocurrency enthusiasts will have heard of the Token Card, which is a debit card for Ethereum and anything running on top of this blockchain. In theory, it should be possible to use any and all ERC20 tokens for this card as well, although that has not confirmed yet. Token Card partnered with some big players in the market, including Bancor, Melon Port, and Digix.
They also have a Cash Burn policy, which means a small amount of every purchase is pooled together. Token holders can sacrifice tokens to get a portion of this pool’s money on request. For the time being, it is unclear when Token Cards will become available to customers, as the ICO only concluded recently. Their latest blog post indicates there is still a lot of work to be done on the backend, and new team members were added not too long ago. It is a very ambitious project, but one worth keeping an eye on.
TenX has the potential to be a very successful project. Their app is already on the market, which means they beat the two aforementioned competitors in this regard. Their ICO sold out pretty quickly, which is positive for the people who managed to buy some tokens. However, it seems the value of each PAYX token is somewhat stuck around the $4 mark , which is pretty unusual for something that is readily available. Then again, they do have a rather large supply of tokens, thus the $4 price seems more than fair at this point.
Card holders will get a 0.01% cash back in the form of TenX tokens for every purchase. That is a very interesting way of keeping customers within this particular ecosystem. There are also no transaction fees whatsoever, which is something a lot of users will appreciate moving forward. The end goal is to support other currencies in the future as well. Token holders will also receive an Ether-based reward for every transaction made. This is an interesting concept with a lot of potential.