Chain2Pay Introduces Crypto Debit Card

A new cryptocurrency debit card option is hitting the markets.  Where past cards have had short lifespans, pulled by banks who were strong-armed by Visa, the company behind the cards, Chain2Pay, asserts that it won’t have this problem because the cards are tied to a bank that holds cryptocurrency.  

Chain2Pay is a subsidiary of MinexSystems, a blockchain startup that offers a range of products designed to merge traditional finance with blockchain technology.  The cards will be made available through another MinexSystems subsidiary, MinexPay, and will allow cardholders to use them as if they were presenting a traditional debit card, but will be tied directly to the user’s crypto holding.  

According to MinexSystems CEO Boris Shulyev, “With MinexPay payments can be made anywhere in the world Visa or MasterCard cards are accepted, as they work the same way.”  The cards will reportedly be accepted even in countries that have banned cryptocurrencies.

“The transaction speed is an average of three seconds, because the user does not need to wait for the crypto to exchange to fiat through the exchange,” explained Shulyev. “The fund provides that step in advance, so a fiat equivalent is ready to use on demand.”

Cryptocurrency is only valuable over the long term if it is recognized as a currency.  Prices will never stabilize unless it is rightfully accepted as an alternative to fiat.  Debit cards that can help cryptocurrency enthusiasts spend the money on their wallets as if it were “regular” currency will go a long way to increasing global adoption, and this is exactly why companies such as Visa try to prevent the cards from being introduced.  

The cryptocurrency market, in general, is maturing.  It is much less volatile than what was seen last year and early this year.  While some may be disappointed that Bitcoin Core (BTC) hasn’t seen a meteoric climb like what was seen in 2017, the fact that there is significant less volatility in the markets is a sign that cryptocurrency is evolving into a true form of currency.