Bored Apes, Moonbirds to feature on NFT-customized Mastercard debit cards

September 27, 2022 Coin Telegraph

The customizable card will only support NFT avatars from select blue chip collections, subject to Mastercard’s design standards and an owner verification process.

Mastercard has launched customizable nonfungible token (NFT) debit cards, allowing some cardholders who own avatars from select NFT collections to add the artwork onto the payment's card.

The debit cards are made available through a Sept. 26 partnership with European cryptocurrency exchange platform, “hi” allowing its “Gold” members to personalize their debit cards with an NFT they verifiably own

Gold membership with the platform is obtained by staking a minimum of 100,000 hi Dollar’s (HI), the platform's native token, a sum worth around $4,600 according to data from CoinGecko.

NEWS! Today @hi_com_official launches the world’s first debit card featuring NFT Customization, allowing cardholders to personalize the face of their card with an NFT Avatar. Read more here https://t.co/awNVowcsuG pic.twitter.com/A5xFsHlX0w
— Mastercard Europe (@MastercardEU) September 26, 2022

The cards will allow spending in fiat money, stablecoins or any cryptocurrency the user holds and is accepted wherever Mastercard is available. Other features such as hotel credits, cash back incentives and rebates on Netflix and Spotify subscriptions are also touted as benefits of certain membership levels.

Mastercard’s Crypto and Fintech Enablement VP, Christian Rau said with consumer interest in NFTs and crypto growing the payments provider was “committed to making them an accessible payments choice for the communities who wish to use them.”

A limited range of NFT collections will be supported including CryptoPunk, Moonbirds, goblintown, Bored Ape and Azuki, owners of these NFTs will have to become Gold members with hi and verify their NFT ownership with the platform to receive their custom cards.

Additionally, the cards are available only within 25 European Economic Area (EEA) countries and the United Kingdom.

With the wider downturn in crypto markets over the last few months most of the “blue chip” NFT collections took a price hit, but data by NFTGo shows the performance of blue-chip NFTs growing steadily since Sept. 12 possibly bringing renewed interest to the largest collections.

Mastercard has helped crypto payments go mainstream with its support for the assets, even allowing Mastercard holders the ability to purchase NFTs through partnering with multiple NFT marketplaces in June.

Binance to finalize acquisition of Swipe, paving for CEO exit

December 31, 2021 Coin Telegraph

Binance

The exchange acquired a majority stake in Swipe in July 2020 as part of a broader effort to advance mainstream adoption of crypto payments.

Binance, the world's largest cryptocurrency exchange, announced Thursday that it will acquire the remaining outstanding shares of Swipe, a prominent crypto Visa card provider. Users of Binance will be able to spend their coins at over 70 million locations worldwide as a result of the acquisition.

On July 6, 2020, Binance initially announced the purchase of a majority stake in Swipe, stating that the new collaboration would help to further advance cryptocurrency adoption by bridging fiat and digital assets. Binance's acquisition of Swipe will allow it to compete with other retail crypto providers like PayPal and Mastercard that provide similar cryptocurrency-related services.

According to the news, Swipe has been identified as Binance's card program manager and technological platform. Swipe also collaborates with important partners to issue cards in authorized zones and markets.

Swipe's current CEO, Joselito Lizarondo, will step down once the acquisition is finalized, Binance confirmed.

Although Binance has been embroiled in regulatory controversy this year, it hasn't stopped the company from growing its presence through new acquisitions and expanding its services to new markets. More recently, the crypto exchange was approved for an in-principle license by Bahrain's central bank to operate as a crypto asset service provider as well as a cryptocurrency financing license in Canada as Binance Canada Capital Market.

In November, Binance CEO Changpeng Zhao revealed in a conversation with French Minister Cédric O that the exchange is establishing a $115 million initiative to increase blockchain and cryptocurrency technology across France and Europe. The cryptocurrency exchange recently partnered with the World Trade Center in Dubai to help the region develop into a global crypto trading center.

Swipe, IoTeX and CyberVein lead altcoins higher after Bitcoin hits $46K

August 9, 2021 Coin Telegraph

Swipe, IoTeX and CyberVein lead altcoins higher after Bitcoin hits K

Altcoin Watch

Data from Cointelegraph Markets Pro shows IOTX, SXP and CVT racking up double-digit gains right as bulls pushed BTC price above $46,000.

The cryptocurrency market has shown a new level of resilience on Aug. 9 as a majority of tokens have managed to maintain recent gains and Bitcoin price hit a new 3 month high at $46,293.

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were IoTeX (IOTX), CyberVein (CVT) and Swipe (SXP).

*Top 7 coins with the highest 24-hour price change. Source:* *Cointelegraph Markets Pro*

IOTX/USDT

IoTeX (IOTX), a platform focused on the decentralized internet of things, has been the best performer over the past 24-hours with a gain of 27%.

Data from Cointelegraph Markets Pro and TradingView shows that the price of IOTX rallied 53% from a low of $0.0213 in the early trading hours on Aug. 9 to an intraday high at $0.0326.

*IOTX/USDT 4-hour chart. Source:* *TradingView*

Excitement for the project comes following the Aug. 6 launch of ioTube v5 which includes a new cross-chain bridge with Polygon, an Ethereum (ETH) layer-two solution, that enables two-way token swaps between both protocols.

SXP/USD

Over the past 24-hours the project Swipe, which focuses on the development of a card payment infrastructure for the cryptocurrency economy, has seen its token rally by 17.12%.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for SXP on Aug. 8, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

*VORTECS™ Score (green) vs. SXP price. Source:* *Cointelegraph Markets Pro*

As seen on the chart above, the VORTECS™ Score for SXP climbed into the green zone on Aug. 7 and reached a high of 74 on Aug. 8, around seven hours before its price began to increase 23% over the next day.

The surge in excitement for the token came following an announcement from Visa that it had partnered with Swipe, along with 49 other platforms, in an effort “to launch card programs that make it easy to convert and spend digital currency at 70 million merchants worldwide.”

CVT/USD

CyberVein, a project which looks to reinvent decentralized databases and the way people store, secure and monetize information, has also seen its price increase 17% on Monday.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CVT on Aug. 8, prior to the recent price rise.

*VORTECS™ Score (green) vs. CVT price. Source:* *Cointelegraph Markets Pro*

As seen on the chart above, the VORTECS™ Score for CVT turned green on Aug. 8 and reached a high of 76, around 14 hours before its price began to increase 35% over the next five hours.

The price recovery for CVT comes following the announcement that the daily operations of the project are now being handled by the CyberVein Foundation.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

We have to be in the crypto space, Mastercard CEO says

July 30, 2021 Coin Telegraph

Adoption

Mastercard is angling to become the go-to for governments and private entities when testing and rolling out central bank digital currencies or stablecoins.

Traditional card networks are vying to ensure their services remain at the center of new developments in digital assets, whether they be central bank digital currencies or private sector stablecoins.

In an earnings call on July 29, Mastercard CEO Michael Miebach discussed recent developments in crypto and CBDCs, making the pitch that the company was well-positioned to remain a linchpin of intra- and international value flows:

"What we believe we do is bring a perspective to the market as a multi-rail payment provider. We have to be in this space because people are looking for answers."

Mastercard has been highly proactive in keeping up with innovations in digital currency, spurred, in part, by competition with its rival, Visa. In February, Mastercard unveiled plans to support crypto in 2021, paving the way for its nearly one billion users to spend their crypto at over 30 million supported merchants worldwide.

Earlier this week, the company announced a new startup engagement program as part of Mastercard Start Path – an accelerator program aiming to support fintechs and companies working with digital assets, cryptocurrency and blockchain technology. The latest to be onboarded include blockchain oracle startup SupraOracles, blockchain infrastructure provider STACS, digital asset firm Taurus and Mintable, a marketplace for issuing and trading NFTs.

On the public front, the company has also rolled out a virtual testing environment designed to help central banks to simulate issuance, distribution and transactions of CBDCs between multiple parties. The platform is geared for both wholesale and retail CBDC designs and offers practical insight into how, among many other possibilities, a CBDC could be interoperable with existing payment methods and be used to pay for everyday goods and services.

During the earnings call, Miebach argued: “All of these countries have to make a trade-off between existing delivery of financial products and what a CBDC is solving for, whether it's financial inclusion or cross-border payments. We have experience with all of that."

Nor is Mastercard overlooking the stablecoin sector, which has already seen successful currencies like Circle’s dollar-pegged USD Coin (USDC) and is poised for the launch of Facebook-affiliated Diem. Miebach confirmed that the company is readying its network to support stablecoin transactions, providing its issuers meet regulatory requirements and fulfill consumer protection and safety standards.

Visa’s CEO has this year made similarly bullish remarks regarding stablecoins, arguing that their blockchains can be thought of as payment rails similar to RPT or ACH networks. Nor is Visa averse to more volatile crypto assets, viewing them as a store-of-value for which the company can still provide fiat on-ramp services.

Eric Grover, a principal at Intrepid Ventures, told reporters this week that both stablecoins and CBDCs should be “in Mastercard and Visa’s wheelhouse” and that both card networks should engage with these developments “with gusto.”

Earlier this month, Mastercard announced fresh partnerships with Circle, Paxos, Evolve Bank & Trust, and many others on a joint project to enable banks and crypto companies to roll out crypto cards that can be used anywhere that Mastercard is accepted.

Crypto frenzy may be winding down, Visa CFO says

July 28, 2021 Coin Telegraph

Bitcoin Debit Card

This spring, crypto-related transactions using Visa were a significant boost to the company’s cross-border volume, although this effect is beginning to wane.

This year has seen unprecedented growth in the crypto markets, with lucrative knock-on effects for third parties like Visa. This, however, may already be beginning to dwindle, according to the company’s senior executives.

The payments giant’s newly released financial results for fiscal Q3 2021 show bullish figures for cross-border and overseas transactions — a key metric for analysts on the lookout for early signals of pandemic recovery.

Earlier this month, Visa revealed that its crypto-enabled cards had processed more than $1 billion in total spending for H1 2021, registering an impact on overseas volume as crypto users deposited funds into crypto platforms across various jurisdictions. These effects are still visible in the company’s latest results for Q3, with the report indicating that:

“Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, increased 53% on a constant-dollar basis for the three months ended June 30, 2021. Total cross-border volume on a constant-dollar basis increased 47% in the quarter.”

In a fresh interview, however, Visa chief financial officer Vasant Prabhu said that much of the crypto-driven momentum behind higher cross-border spending was in fact limited to the first two months of the quarter.

Highlighting the spike in crypto purchases in April and May, Prabhu noted that it had begun to fall back by June. Given the faltering return to international travel, Prabhu warned that the cross-border volume could be poised to decline without being buoyed up by a booming crypto market.

The overall picture for the past quarter shows that Visa drew in significant revenues from its overseas transaction processing, which is significantly more lucrative for the firm than intra-national spending. Overall, the company reported a 34% year-on-year increase in payments using its cards — keeping in mind that much of the globe was under strict lockdowns last year. The company has also reported net revenues of $6.1 billion for Q3 2021, an increase of 27%, outstripping the $5.86 billion average of analysts’ estimates.

Among recent deals, the report notes Visa’s recent signature of a definitive agreement to acquire Currencycloud, a cross-border payments platform that supports roughly 500 banking and technology clients across over 180 countries. Currencycloud has recently entered a partnership with Ripple, the company behind XRP, to jointly explore new cross-border transactions mechanisms.

Altcoin roundup: Crypto credit cards could be the missing link to mass adoption

July 23, 2021 Coin Telegraph

Adoption

Hodling is nice, but eventually, everyone wants to buy something. This is why crypto debit and credit cards are key to mass adoption.

Out of the many routes available to the mass adoption of cryptocurrencies, which includes decentralized finance (DeFi), layer-one protocols, nonfungible tokens and stablecoins, perhaps the simplest and most applicable path for the public at large is the ability to utilize cryptocurrency for everyday purchases with an integrated debit or credit card.

2021 has seen a growing number of companies offer cryptocurrency-based credit cards that give holders the chance to tap into the value of their cryptocurrencies for daily purchases, but is this just the latest gimmick being used by businesses to earn a buck or a real sign of mass adoption?

While the traditional financial sector isn’t discussed much in this newsletter because its focus is on exploring the various sub-sectors of the cryptocurrency ecosystem, crypto assets are quickly becoming a new investment class recognized by the global financial system.

Debit cards tap into crypto holdings

It’s important to clarify the differences between the card services offered by some of the largest players in the game including Crypto.com, BlockFi and Coinbase.

Debit cards like the one offered by Crypto.com allow users to convert their cryptocurrency holdings to a stablecoin that can then be transacted on Visa’s global network.

You can now top up your card with $ADA, $DOGE, $LINK, $MATIC, $UNI, along with 12 other new supported stablecoins and tokens!

Available in the US, Europe, UK, Canada, Singapore and APAC.

Details https://t.co/ChXzOjfxlB pic.twitter.com/qTVsXfy4KZ
— Crypto.com (@cryptocom) July 20, 2021

The Coinbase card and crypto debit card offered by Uphold provide a similar service, with both offering rewards for use in the form of a percentage of each purchase, paid back in Bitcoin (BTC) or another cryptocurrency, depending on the platform.

Being able to make purchases with your holdings may help bring a good use case to the cryptocurrency ecosystem, but it also goes against the “hodl” nature of many investors who subscribe to Gresham’s Law that “bad money drives out good money in circulation.”

When it comes to which money is spent and which money is saved, good money, or cryptocurrencies, in this case, will be saved while fiat currencies will be spent in daily transactions.

Crypto credit allows hodlers to continue accumulating

Credit cards like the recently launched BlockFi Rewards Visa Signature Credit Card do not require an upfront conversion of a user’s crypto holdings to pay for transactions. Instead, it offers a credit limit with an attached interest rate.

Gemini exchange plans to offer a BTC cashback rewards card on the Mastercard network. This is another example that has taken the approach of the legacy credit system by offering rewards and charging interest on carried balances.

Users can spend fiat currencies and earn cashback rewards that are paid back in the form of Bitcoin.

Paying in dollars while stacking stats lines up more with the idea of spending bad money in daily transactions while earning more crypto, but it does require users to have fiat currencies to spend.

In the case where someone only has cryptocurrencies, they would be forced to convert some of their holdings to the accepted form of repayment and possibly incur a taxable event, depending on the laws where they live.

Currently, most of the world’s population either still uses the traditional financial system or is part of the large population of the unbanked who are outside of all systems. The injection of blockchain technology and cryptocurrency is either adding another step to the process or offering a new way into a financial network.

For die-hard crypto fans that hold as much of their wealth as possible in cryptocurrency, debit card options that allow users to spend their holdings may provide the best option.

Traditional financial system vs decentralized financial system. #defi #blockchain #crypto

Credits: Financial times pic.twitter.com/1dc0jJxvm3
— BlockchainAssets (@BAXASSETS) December 30, 2019

Since many crypto investors work jobs that still pay in fiat currencies, credit card options offer a way to use their income to make purchases while also continuing to accumulate without having to conduct the conversion to crypto themselves.

Legacy networks will eventually integrate blockchain technology

Visa and Mastercard have fully embraced the integration of cryptocurrencies and blockchain technology into their networks. Visa recently reported that its crypto-enabled cards holders spent more than $1 billion during the first half of 2021.

It’s possible that in the near future, the entire network could be blockchain-based and users will be interacting with digital currencies on a regular basis without even knowing it.

How it all plays out long-term is anyone’s guess, but the current trend of companies releasing cryptocurrency-related debit and credit cards shows no signs of slowing down. They are a tried-and-true marketing tactic used in industries large and small to help entice new users.

Want more information about trading and investing in crypto markets?

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Got crypto? Here are 3 debit cards that let you spend your stack

April 30, 2021 Coin Telegraph

Banking

Crypto debit cards are growing in popularity as holders look for effortless ways to spend their assets.

As blockchain technology and the public's awareness of cryptocurrency continues to grow, a range of new use cases a coming to market and enhancing the efficacy of legacy financial systems.

Despite its many applications, the original use case for Bitcoin (BTC) as a medium of exchange remains one of the most fundamental applications of blockchain technology and while BTC might not be the best asset to use for payments, there are service providers who have eased the process of settling transactions in other cryptocurrencies.

For now, the most widely accepted way to use cryptocurrencies for direct payments in everyday life is through the use of crypto debit cards which allow users to convert their crypto holdings into U.S. dollars. They essentially work in the same way that a prepaid debit does.

With institutions showing an increased interest in the growing cryptocurrency sector and mainstream awareness of blockchain technology at its highest level ever, crypto debits cards are increasing in prevalence as new players enter the field to try and capture a share in this growing market.

Three of the debit cards with a track record of success and attractive rewards are BitPay, Crypto.com and the Nexo Card.

Bitpay

The BitPay prepaid Mastercard has emerged as a top choice for many cryptocurrency holders thanks to its ease of use and low fees. It originally launched in 2016 as a US-only debit card and mainly functioned as a Bitcoin payments processor.

BitPay now supports eight different fiat currency options alongside support for Bitcoin, Ethereum (ETH), Gemini Dollar (GUSD), USD Coin (USDC), Paxos (PAX) and Bitcoin Cash (BCH).

Have you added your BitPay Card to @Apple Pay® yet? Easily make online and in-store purchases with crypto. #apple #applepay #bitpay #bitcoin #bitpaywallet #bitpaycard #crypto pic.twitter.com/hRp7nm6vDu
— BitPay (@BitPay) February 23, 2021

Users who wish to obtain the card must first pay a $9.95 activation fee and provide their social security and driver’s license number to gain access. Once approved, the user can load cryptocurrencies onto their BitPay wallet and then convert them to dollars to make them available on the card.

There are no transaction fees for users in the U.S., and the card has a daily spending limit of $10,000 with a maximum account balance of $25,000.

Crypto.com

For the ardent cryptocurrency fan, the Crypto.com debit card is one of the top choices due to the fact that it has a built-in native token called Crypto.com Coin (CRO) which functions as the primary currency and reward token for the blockchain.

Benefits of using the card include 100% cashback on popular streaming services like Netflix and Spotify as well as up to 8% cashback on regular purchases.

Crypto.com users can choose from a list of more than 100 of the top cryptocurrencies to fund their card by depositing them into their account and converting them into a stablecoin which is then loaded onto their debit card.

We’re excited to share news of a historic moment:https://t.co/vCNztABJoG & @Visa successfully conducted the first settlement of transactions using USDC!

A huge milestone for the industry as crypto and fiat networks begin to converge.https://t.co/v70qC8n4Yy
— Crypto.com (@cryptocom) March 29, 2021

The Crypto.com ecosystem offers five different Visa debit cards that have a tiered reward structure that increases depending on the amount of CRO that a user has staked in their account.

Tiers range from requiring a stake of 5,000 CRO for the Ruby Steel card, all the way up to needing 5 million staked CRO to obtain the Obsidian card which offers 8% cashback on all purchases. There is also a basic version of the card that doesn’t require any staking and offers 1% cashback on all purchases.

Nexo Card

A third choice that offers a different structure than most crypto debit cards is the Nexo Card and its native NEXO cryptocurrency which currently trades at $3.63.

Instead of requiring users to convert the cryptocurrency held into their accounts into U.S. dollars before use, Nexo issues an instantaneous loan based on the value of the cryptocurrency held in a users account and settles the transaction in fiat currency.

Want to #hodl your #crypto & spend at the same time?

Оur Instant Crypto Credit Line™ is just the thing for you.

Need more reasons? Check our blog post:https://t.co/uB0SkM4Qke
— Nexo (@NexoFinance) April 22, 2021

This allows users to access the value of their cryptocurrency assets without having to sell them. The loan can be repaid using either cryptocurrency or fiat through their Nexo account with the possibility of having the minimum payment paid off by the yield earned on a users staked cryptocurrency assets.

Interest rates for charges on the card are set at 5.9%, and there are no monthly or annual exchange fees. In addition to this, users receive 2% cash back in the form of Nexo tokens or BTC.

As more banks and institutions in the U.S. and around the world take a stake in the cryptocurrency sector in order to find ways to capitalize on the growing market, crypto debit cards are likely to become a more prominent fixture in legacy payment channels.

Crypto Credit Card