Crypto Debit NanoCard: Future Remittance Option for Filipinos
It seems with these news coming from CCEDK, cryptocurrencies as a source of payment are moving closer to becoming the no. 1 choice of the every-day consumer! They have been working on a better solution, and the Crypto Debit NanoCard with no volatility risk may just be the possible gamechanger we’re waiting for – targeting Filipinos as well as Mexican and Vietnamese expatriates.
“Like the great Martin Luther King once said, “I have a Dream,” and my own dream is to offer this Debit NanoCard soon as a great alternative to today’s money transfer services, allowing Filipinos, Vietnamese, and Mexican expatriate’s to finally get some value for their hard earned money,” says Boesing, CEO of CCEDK.
CCEDK’s innovation has the potential to topple the money transfer business, especially in countries like the Philippines, Mexico, and Vietnam, with their millions of expatriates. Now, these people no longer need to use money transfer services with poor exchange rates and excessive transfer costs to send money to their loved ones. Instead, they need only to send them a BITUSD Debit NanoCard where the supporting currency is pegged to USD, EUR, CNY, or even the country’s own currency, which will allow them to pay in stores or cash out money whenever they need it with no volatility risk. The fiat-pegged crypto balance is exchanged only when the card is used at point-of-sale terminals or ATMs – not before, not after, but instantly at the moment of transaction.
Deposit fee-free transactions
Starting week, the option of depositing USD, CNY, and EUR with no fees whatsoever will be offered as a basic day-to-day transfer. Although, in some cases it may take a little longer.
Multiple language interface
The platform is already available in 17 languages, including Chinese, Spanish, Russian, Romanian, French, Italian, and Polish, and more will come in next months.
Unlike any of the Bitcoin prepaid global debit cards where you load it up with bitcoin and use it wherever credit card payments are accepted, the BITUSD funds on the Debit Nanocard are taken directly from user wallet on exchange at the exact moment payment or when cash is needed. There is no need to fund it manually. Additionally, many of these other prepaid services have lower exchange rates for deposits, which means anybody can receive less value for their BTC on CCEDK. In the case of BITUSD, this one is pegged to the USD with an immediate reduction of any kind of volatility risk. Once used over and over again, customers will realise this is a great value for money.
For the time being, in order to use the cards, BTC is needed on the balance of the user account at CCEDK. It is, however, the intention as the first exchange in the world to offer support for other cryptocurrencies in the same way as it is done with BTC, and it would therefore be possible within a couple of months to offer a fiat-pegged currency like BITUSD with the same probability. The move reduces the friction of going from crypto to fiat, enabling seamless transactions in fiat from customers’ crypto balances. Further, fiat-pegged currencies like BitCNY and BitEUR may be added in the coming months as well.