A Singapore-based startup TenX is planning to launch a Visa debit card that can be used to make cryptocurrencies work in the real world. The TenX debit card would in an instant convert multiple digital currencies into fiat money like dollars, yen and euros to carry out everyday commerce.
A 2 percent cut per transaction would be kept by the company, which has received an order of more than 10,000 cards. The transaction limit is set to $2,000 a year. However, the limit can be raised on user request, provided they undergo identity verification procedures.
The company has also created an app connected to the Visa card, to serve as a digital wallet, so that whenever a payment is made using the card, the local currency pays the merchant while the crypto balance is deducted from the users’ account.
The transactions would be carried out immediately, and there would be no additional charge levied apart from the conversion fee that the cryptocurrency exchanges set, that ranges from 0.15 to 0.2 percent.
Currently, the card supports eight cryptocurrencies which include dash and augur. The company intends to offer about 11 currencies in total by the end of the year. The company plans to offer to switch cryptocurrencies within the app, by the end of the year. Co-founder Julian Hosp said, “If we do this, we can become the market maker, which can bring in a lot of revenue.”