A recurring challenge for bitcoin and other cryptocurrencies is how to make them work in the real world. A Singapore-based startup says the answer is its Visa card.
TenX is pitching its debit card as an instant converter of multiple digital currencies into dollars, yen and euros. The company said it takes a 2 per cent cut from each transaction and has received orders for more than 10,000 cards. While transactions are capped at approximately £1500 ($2000) a year, users can apply to increase the limit if they undergo identify verification procedures.
TenX’s bid to make digital currencies easier to spend comes amid massive volatility and in fighting within the cryptocurrency community. Bitcoin, the most popular, slumped after reaching a record in June amid concerns about a split in two, only to recover as fears faded. The company has built an app that serves as a digital wallet connected to the Visa card so that when it’s swiped at a cafe or restaurant, the merchant is paid in local currency and the users’ crypto account is debited.