Hong Kong based startup, has started an online service that quickly changes bitcoins into dollars by loading them onto a card that could be used at ATMs, a Cryptex Card.
Announced today at the Inside Bitcoins conference in New York City, the Cryptex Card will allow consumers to “to turn cryptocurrency into cash at hundreds of thousands of ATMs and millions of merchants’ point–of–sales (POS) worldwide, regardless of whether the merchants or banks accept cryptocurrency.”
The card will function as a prepaid debit card and can be issued through a license with Union Pay, according to WSJ. Jamon Rahn, Cryptex Card CEO and co–founder believes that card holders will be able to use the card in about 90% of the world’s ATMs and merchant outlets. This will allow Bitcoin users the convenience to exchange their bitcoins for cash easily.
The process:
Consumers will order their Cryptex Card online and load it with Bitcoin, which then gets physically shipped like any other credit or debit card. Cryptex will have the requisite AML/KYC processes for each nation it serves built into this ordering process. Once in the user’s hands, it can be reloaded online. When there is an active account balance, using the card is as fast as any prepaid debit card because the balances are already in cash. When it comes time to reload the card with new Bitcoins from the user’s wallet, this process can be done end–to–end in less than 24 hours, with a goal of bringing this process down to less than one minute by this summer.
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Article Credit: newsBTC
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