A banking startup called 2gether will be launching a prepaid Visa debit card that would allow its users to spend cryptocurrencies. The company said in an announcement that its customers will be able to pay with either euros or seven cryptocurrencies including, bitcoin (BTC), ether (ETH), XRP, bitcoin cash (BCH), EOS, Stellar (XLM) and litecoin (LTC).
The card is fee-free for customers in any of the 19 eurozone nations and will “instantly” convert the cryptos to fiat currency. According to 2gether, the cars will address the challenges that happen when making payments directly with cryptocurrencies. “Currently, spending crypto is a long and difficult process involving exchanges, personal keys, and lots of waiting,” it said.
Customers passing know-your-customer (KYC) procedureswill also be able to manage their balances in an Android and iOS mobile app. Using the app lets customers buy, sell and hold cryptocurrencies. According to 2gether, purchases are offered at “no mark-ups to exchange prices.”
The firm did a beta launch in Spain and is now expanding across the eurozone. Users can download the app after the anticipated March 27 launch. Meanwhile, 2gether also plans a pre-sale of its native token “2GT” through its app, in which it hopes to raise €5 million ($5.65 million).
“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.”