The wider adoption of cryptocurrency has taken another major step forward after it was recently announced that parts of Australia will start the process of accepting cryptocurrencies like Bitcoin, XRP, Ethereum, and Litecoin from customers to buy groceries in supermarkets and retail shops.
myCryptoWallet, one of Australia’s leading exchanges, has launched the myCryptoCard which enables consumers to spend cryptocurrency at one million locations and withdraw money at 30,000 ATMs.
The exchange is a digital currency service based in Melbourne, Australia and it provides a number of services to customers which includes fiat deposit, wallet withdrawal services, cryptocurrency debit cards, an online live peer-to-peer digital marketplace and a fast-paced exchange between Australia and New Zealand via digital assets.
The CEO of MyCryptoWallet, Jaryd Koenigsmann, stated after the announcement:
“MyCryptoCard will play a major role in bridging the gap between cryptocurrency and the mainstream. The cards means consumers have the flexibility to use crypto where, how and when they like, and do away with so many of the fees that come about when exchanging back and forth between crypto and fiat.”
MyCryptoCards will be linked to the user’s digital wallet on the exchange which will have the capacity to hold Bitcoin, Ethereum, Ripple, Litecoin and Power Ledger virtual currencies. The initial point of sale purchases in Australian dollars will be automatically converted with regards to the crypto prices at the moment of trade.
According to Koenigsmann, since MyCryptoCard is not just limited to Bitcoin, it will bring higher levels of spending flexibility and allow consumers to trade with their favored cryptocurrency. The card also plans to add 50 news coins to its platform in the near-term and introduce a dozen new digital currencies which will soon hit the mainstream wallet.
There will be no fees associated with spending or withdrawing from MyCryptoCard and the absence of these fees puts the common fees associated with the conversion of fiat to cryptocurrency to bed.
Finally, the CEO has also announced a giveaway of the first 3000 debit cards for free to celebrate the launch of MyCryptoCard.