Crypto Cards: Long-Awaited Bridge to the Real World
Originally published on: CoinSpeaker
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March 12, 2018
Сredit or debit cards have become the most popular way of spending money, according to a survey conducted by TSYS in 2016. It was actually 75% that chose cards- 40 percent credit and 35 percent debit- while cash sat at around 11%. In 2015 there were over 100 billion card transactions just in the United States.
While these statistics are the US ones, cards are used worldwide. In Q2 of 2017, 1.58 billion Visa debits cards alone were issued globally. The fact does stand: people are using cards, and the numbers are growing. Being a kind of bridge between the consumer and the bank, they are the easiest and safest way to spend money all over the world.
This is why cryptocurrencies need their own cards, which will also act as bridges between two realities – young and sometimes complicated crypto world and the desire to buy a coffee. Using a card means that one doesn’t need to worry about whether the send address is exactly correct, which opens up the opportunity for quick and trouble-free buying.
MoxyOne presents a solution – crypto debit card, which is ideal for quick and painless crypto spending. Everything one needs is to simply connect the card to the crypto “bank” and swipe for a coffee.
One of the best things about the crypto revolution is its adaptability. While it will be some time before retailers and fast food restaurants accept crypto, the technology of MoxyOne converts any crypto in your bank to fiat immediately upon swipe. Fiat conversion also means any fiat; using the card globally will not be a problem.
A Portfolio of Coins
Many crypto holders don’t own just one coin. In fact, in the decentralized future of crypto we won’t see just one ruling currency. All cryptocurrencies hold different core functions and have multiple uses. While users of MoxyOne can use the native SPEND token to purchase goods, they can also upload a variety of coins that can be used for fiat conversion spending. The SPEND token is by definition a utility token acting not only as a way to use money in the outside world, but also as the way to pay fees in the MoxyOne ecosystem.
“SPEND tokens are the fuel of the MoxyOne platform,” said Tanshul Kumar, co-Founder and Lead Developer of the MoxyOne project. “All transactions made within the MoxyOne system require a small fee to be paid in SPEND. As more and more transactions are made, the demand for SPEND will increase due to its limited circulation.”
He continued: “By using our own native tokens, MoxyOne is able to adjust the fees of the transactions to make it affordable, and at the same time increase the value of the token due to demand and scarcity as only 50 million tokens will ever exist.”
This makes the SPEND token just as exciting as the technology.
This technology is really what makes MoxyOne stand out from the rest. MoxyAI has a look in real time at coins, which are appreciating in value and those, which have depreciated. It will then spend the most valuable coin at the time so that the user could get the most bang for their buck. For example, you have BTC and ETH in your wallet. When you go to buy a shirt at the register, BTC is down 10% for ETH is up 5%. MoxyAI will notify you and let you pay with ETH.
Easy Interface = Mainstream Adoption
A crypto card should feel just as easy as using a bank card. This is how crypto adoption will grow to mainstream adoption.
While many crypto cards are currently in the works, it’s most important to find one that can be trusted. MoxyOne has a stellar team and plenty of backers already. It is the diamond in the rough; Hosho Group has already audited and approved of MoxyOne’s smart contracts and ICO process and the anticipated Raiden network has already partnered with the team.
Another prominent partnership includes one with COBINHOOD, which is cryptocurrency service platform and zero-fee exchange. The two joined forces to underwrite and advise the launch of the MoxyOne’s ICO. In the framework of the partnership COBINHOOD will consult on business model, review smart contract code, administer legal compliance, and deployment procedures, carry out marketing support.
COBINHOOD CEO Popo Chen:
“The team at COBINHOOD are excited to partner with MoxyOne as they undergo the ICO process this March. As thousands of ICO projects continue to emerge each week, it is remarkable to see financial infrastructure, MoxyOne, bring token projects real-world value. MoxyOne’s innovation can mean big things for the widespread adoption of blockchain technology as it continues to become mainstream. We believe strongly in what they are doing and look forward to a successful engagement with the MoxyOne team as it continues to influence the industry and put validity behind ICOs.”
MoxyOne’s ICO will start on March 14 offering 50,000,000 SPEND in total, where 1000 SPEND = 1 ETH. With the ICO being hard capped at 24,000 ETH, MoxyOne’s Smart Contracts will issue refunds to all contributors in case minimum (4,000 ETH) is not achieved. Early birds can benefit from 40% bonus during the ICO’s first 24 hours, while others will get 12,5%, 11,5%, and 10% bonuses if contribute within first 3 weeks, correspondingly.