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Crypto Startup To Issue Crypto Visa Debit Cards



Graham says it wants to disrupt the credit industry and help stop predatory lending.

Hong Kong-based crypto startup plans to issue 100,000 cryptocurrency debit cards over the next two months, according to a September 5 article in the South China Morning Post.

Though hardly new in the US and elsewhere, the debit cards would represent something of a novelty in Asia. will begin distributing the cards in Singapore, and has plans to reach a global market. The new debit cards are being issued in collaboration with Germany's Wirecard Bank.'s new debit card will apparently be linked to cryptocurrency wallets and fiat accounts, allowing customers to spend their digital currency after converting it to fiat. To date, the platform supports Binance Coin, Bitcoin, Ether, Litecoin, and's own coin, the MCO. These digital currencies can be converted into seven different fiat currencies, including the Hong Kong dollar, the Singapore dollar, and the US dollar. Neither the article nor the website states how or when the exchange rate is set for currency placed on the debit card.

The article goes on to say that also has ambitions to break into the lending industry by applying for a money lending license in Hong Kong and Singapore. If all goes according to plan, users of's debit card and wallet service will be eligible to take out loans backed by Bitcoin or the MCO. co-founder and CEO Kris Marszalek claims that pairing the debit card with a lending service will ultimately disrupt the credit card industry and help put a stop to predatory lending.

Marszalek feels is safe from the risk of borrowers being unable to pay back their loans because will only lend 40 to 60 percent of the value of crypto that must be given to the company as collateral. Marszalek says could therefore only suffer losses from volatility in the value of the cryptocurrencies pledged as collateral. reportedly raised 26.7 million USD during its token sale in May and June of 2017 and will earn revenue from transaction processing fees and from its automated crypto buying and selling service, which is still in the testing phase. is not the first digital currency company to issue a crypto debit card or get into the lending industry. As early as October 2016, ETHNews reported that financial services company UQID was offering a prepaid debit card specifically to allow cryptocurrency to be spent at brick and mortar businesses. In May of last year it was reported that digital currency company Token Card had developed a debit card to let anyone spend their ERC20 tokens at Visa terminals. Just two days ago, ETHNews reported financial services company MakerDAO was using its stablecoin to issue Ether-backed loans.

Correction (September 6, 2018): contacted ETHNews to clarify some parts of the South China Morning Post article, upon which our reporting was based. Our article originally said that had applied for a license to issue the cards in Hong Kong. said because it "does not issue cards, it also did not apply to issue cards in Hong Kong." Additionally, we originally reported that had secured a "stored-value facility license" in Singapore. clarified that it does not need such a license as its partner, Germany's Wirecard Bank, "already has the appropriate licenses."

Nathan Graham

Nathan Graham lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

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