BTSE, a British Virgin Islands-based crypto exchange, announced on Wednesday the upcoming launch of its debit card.
According to the press release shared with Finance Magnates, the debit card will support multiple digital currencies, including four stablecoins – USDT, TUSD, USDC, and DC. Further, many fiats can also be stored in the card, which includes the US dollar, euro, British pound, Hong Kong dollar, and the Singapore dollar, among others.
“With the BTSE Debit Card, we set out to solve issues that repeatedly arise with a large percentage of people, crypto and fiat holders alike that face obstacles when attempting to access their funds globally – obstacles that I see as unjustified,” Jonathan Leong, co-founder and CEO of the exchange, said, commenting on the new product.
Taping a major payments gateway
As the exchange is using Mastercard’s payments gateway, the debit card will be accepted by over 53 million merchants using the payments giants’ services.
Users of the debit card can also use it to withdraw funds using over 1 million ATMs across the globe, the exchange highlighted.
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However, there will be a monthly spending limit of $250,000, while the daily withdrawal limit will be capped at $5,000.
Aiming for a May launch, the exchange will charge a monthly fee of $9.99 to the cardholders.
“The card offers users a globally accepted payment option with high limits, a rewards program, and support for multiple fiat and crypto funding options, all without the need for a bank account. Additionally, the card will only convert assets upon use, thereby allowing users to maximize their crypto asset value and appreciation.”
BTSE recently made headlines after selling 1 million natives tokens in merely four hours, raising $2 million.
Meanwhile, Binance is also prepared to launch its debit card, enabling holders to pay for goods and services with crypto coins.