Banking startup 2gether is launching a prepaid Visa debit card that allows users to spend cryptocurrencies.
In an announcement, 2gether said customers will be able to use the card to pay with either euros or any of the following seven cryptocurrencies: bitcoin (BTC), ether (ETH), XRP, bitcoin cash (BCH), EOS, Stellar (XLM) and litecoin (LTC). The card “instantly” converts the cryptos to fiat currency and, it said, and can be used fee-free by customers in any of the 19 eurozone nations.
The company said the card would address the hurdles that come with making payments directly with cryptocurrencies. “Currently, spending crypto is a long and difficult process involving exchanges, personal keys, and lots of waiting,” it said.
2gether customers passing know-your-customer (KYC) procedures can also manage their balances in an Android and iOS mobile app that also lets them buy, sell and and hold cryptocurrencies. The firm said purchases are offered at “no mark-ups to exchange prices.”
Following a beta launch in Spain, the firm is now expanding across the eurozone, adding that users can now download the app in expectation of a March 27 launch.
The same day, the firm also plans a pre-sale of its native token “2GT” via the app, aiming to raise €5 million (or $5.65 million). All EU citizens can participate, it said.
“To date, there has been no consumer-owned, tangible application that connects crypto and the mainstream market,” said 2gether CEO Ramón Ferraz. “We’re proud to be one of the first companies in the crypto space launching a token sale with an already finished product.”
Founded in 2016, Madrid-based 2gether says it is advised by KPMG and A.T. Kearney, and takes the mission to “dramatically improve the personal economies of customers” using technologies such as big data and blockchain.