The problem of mass adoption of cryptocurrencies is closely tied to accessibility. If cryptocurrencies are hard to use by the general masses, how can they ever become a staple form of value exchange on a global scale? Unbanked Inc, a US-based fintech firm, seeks to provide answers to this question with the launch of its cryptocurrency card program.
Unbanked Inc recently unveiled its crypto card program in the UK and Europe, allowing residents to send and spend their digital assets with physical cards. As a blockchain firm, Unbanked’s goal is to deliver user-friendly crypto solutions that utilize traditional fintech mechanisms. The idea here is to make cryptocurrencies easy to use and improve adoption.
The cryptocurrency card program takes inspiration from traditional debit cards, but now, its holders can use it to spend their digital assets. The crypto card initiative takes advantage of the tech firm’s FDIC-insured bank account provision and combines it with a debit card service allowing the account owners to spend their cryptocurrencies seamlessly. Unbanked has worked on this project for two years and was able to accomplish its objective by securing a partnership with Mastercard and Moorwand 一 a regulated electronic money institution and payment services provider.
With the crypto card program coming to Europe, residents of over 200 countries will have access to a service that allows them to use and spend their crypto as they deem fit. Unbanked cardholders can deposit their digital currencies in their Unbanked account, convert them to fiat and make purchases with their crypto cards. This crypto-to-fiat conversion is seamless and occurs in real-time since the crypto funds are linked to the crypto-backed cards.
Those interested in owning Unbanked crypto cards can register at unbanked.com, make a crypto deposit into their accounts and wait for the approval. Once the approval process is complete, they will receive an Unbanked card which they can use to make purchases at any merchant that accepts the cards.
The Unbanked cryptocurrency card program gives cardholders better access to digital currencies and more ways to put them to use. The Unbanked cards could help provide an avenue for achieving mass adoption of cryptocurrencies since it makes using crypto in the real world a seamless process. This service is currently available only to residents of the United Kingdom and other European nations, but Unbanked could expand the program to other locations in the future.
“How can we truly simplify cryptocurrency utility and make it accessible to the general public? We have been working on an answer to this question for more than two years, and we are happy that we were finally able to share the news of an exciting solution, which is the Unbanked card. And now, we are bringing this solution to interested users in Europe,” said the Co-Founder and Co-CEO of Unbanked, Daniel Gouldman.
Aside from its crypto card service, Unbanked has other revenue streams, including in-house financial services, which it provides to web3 companies. The profits generated by Unbanked’s web3 clients like Litecoin Foundation, StormX, Nexo, and Stacks help support the company’s operations and fuel its future growth. Unbanked Inc. is an SEC-registered company and has earned a vote of confidence from various finance industry experts and organizations. This includes blue-chip investors like Kevin O’Leary, who voted Unbanked the winner of a Shark Pitch, while Inc. 5000 named it the 327th fastest-growing company in the US.
Unbanked has an ecosystem governed by its native cryptocurrency, UNBNK. UNBNK is a deflationary token with different use cases, including acting as a base spendable asset on the Unbanked crypto card and facilitating the Unbanked staking/reward mechanism. UNBNK tokens are currently only available on decentralized exchanges like Uniswap, Sushiswap, and Lumenswap. They can also be purchased at Unbanked.com.
