Everyone using this debit card will be able to spend Bitcoin, Ethereum, Ripple, Litecoin and Monero across the United Kingdom. The company said that it will add more cryptocurrencies in the future. The owner of the Start-up is an ex Credit Suisse employee.
The Debit Card that can be Used with Cryptocurrencies
The London Block Exchange (LBX), launched last Tuesday, plans to launch a cryptocurrency prepaid Visa debit card. It will work by converting the desired cryptocurrency to sterling and using it in different stores in the UK. The name for this card will be “Drangocard,” which will accept many more cryptocurrencies in the next months.
According to Business Insider, the visa card will be linked to LBX exchange app. This application will allow users to buy and hold cryptocurrencies through the exchange. The Dragoncard will also let its users to withdraw money at a rate fixed at the time of withdrawal.
“Despite being the financial capital of the world, London is a difficult place for investors to enter and trade in the cryptocurrency market. We will bring it into the mainstream by removing the barriers to access, and by helping people understand and have confidence in what we believe is the future of money,” LBX CEO and founder Ben Dives said, reported Business Insider.
Adam Bryant, LBX’s executive chairman is convinced about the future of LBX and its services. He believes that the company will be used by institutional investors who want to participate in the cryptocurrency market. “We are offering a grown up and robust experience for those who wish to safely and easily understand and invest in digital currencies. We are confident that we will transform the market in the United Kingdom and we will become the leading cryptocurrency and blockchain consultancy for institutional investors and consumers alike,” he said.
Dragoncard is not the Only Cryptocurrency Card
The market itself has already led to the creation of Cryptocurrency debit cards all over the world. The list is vast and includes different fiat and crypto currencies. Coinsbank offers Visa and Mastercard debit cards. They include Bitcoin, Litecoin, Dollars, Euros, Pounds and Rubles. The conversion is in real time. Xapo is another known cryptocurrency debit card that works with Visa. The balance can be held in BTC and the conversion to sterling is done in real-time.
LBX charges 0.5 percent when buying and selling cryptocurrencies on their platform. Dragoncard has an up-front fee of £20 pounds. But soon Dragoncard will have to deal with other competitors that are investing in developing cryptocurrency trading capacities.
The cryptocurrency market has surpassed the $200 billion market capitalization some time ago. Experts in the matter predict that in the near future, the cryptocurrency market could reach $1 trillion dollars cap. At the moment, the cryptocurrency market penetration is between 0,15% and 0,2% percent. How much will it be when it will reach one or two percent?