Digital currencies like Bitcoin or Ethereum offer undeniable benefits for both individual users and businesses. Previously, paying and receiving cryptocurrencies or other digital currencies was a difficult task due to regulatory constraints and liquidity concerns. Modern problems require modern solutions and, as a result, in early 2017 we came across “Crypto Debit Cards”. The first to get major attention was an initiative by Centra Tech which announced to release its debit card under the name “Centra Card” Around mid-2017. The scramble for crypto debit cards has been underway since then.
We have seen many amazing blockchain projects working to deliver a digital currency debit card in 2020. Among them, one of the most interesting blockchain projects is Ternio. It built the middleware for cryptocurrencies to use and spend as cryptocurrencies instead of fiat. To explain it better, let’s look at the details of this company. Ternio is the only company of its kind that issues “bank grade crypto debit cards” that contain cryptocurrencies in the form of cryptocurrencies and not fiat money. They aim to allow companies to be their own banks through this platform. Cryptocurrencies are held inside the card up to the point of sale. This ensures that the card retains its integrity as a “crypto debit card” more than just a gift card.
Ternio recently received further recognition by becoming an enabling partner as part of VISA’s Fast Track initiative. Ternio is the first cryptocurrency-focused enablement partner in the VISA program. Ternio will now help other FinTech and crypto companies connect with VISA products so that others can launch similar crypto debit cards on the VISA network. Ternio’s BlockCard platform has quickly become a new standard for digital currency debit cards, as it allows other companies and bases in the cryptosphere to quickly gain access to over 60 million merchants worldwide.
An example is Ternio’s partnership with the Litecoin Foundation which issued the Litecoin Card through Ternio’s “BlockCard Platform”. Ternio has partnered with the Litecoin Foundation to present them with a fully functional VISA enabled “Litecoin Card”. This card is a true crypto debit card that allows cardholders to stay in LTC until they decide to spend. Litecoin cards allow the purchase of goods and services wherever VISA is accepted. Litecoin cardholders can easily transfer funds or withdraw cash from any ATM. The Litecoin Card will also give customers access to free bank accounts for buying or selling LTC through Ternio’s platform.
Ternio opened up new possibilities for cryptocurrency and FinTech companies around the world by becoming the “Xerox” of the 2020s. In the early 1990s, when Xerox was launched, people were not asking for a photocopy of a document, they were saying instead “Xerox it”. Much like this, people now say “BlockCard” when referring to crypto debit cards instead of asking to make a payment in any other way for cryptocurrencies. This is such a great achievement for Ternio’s team as they have become the ideal platform for digital currency debit cards.
The Ternio BlockCard allows users to:
● Fund your account with the card currency or any other supported cryptocurrency.
● Make payments and purchases anywhere in the world wherever VISA is accepted.
● Simply transfer funds or withdraw cash from any ATM.
● Get a virtual card along with the physical card.
● Keep funds as cryptocurrencies instead of fiat currency in the card until the time of purchase.
● Synchronize with Apple, Samsung and Google Pay
● Free bank account for buying and selling cryptocurrencies
This platform acts as a layer of interoperability between the existing legacy payment system with blockchain-based digital currencies. Ternio is stepping up the game for the ecosystem of digital asset owners and consumers by introducing BlockCard-enabled use cases that make cryptocurrencies more liquid than ever.
Any blockchain-based digital currency can now become their own bank simply by owning a BlockCard for their specific digital currency. Ternio provides all-white payment cards that allow users to use their cryptocurrencies in real time. The card uses digital assets owned by users as a means of making payments in the real world. Blockchain-based digital currency companies can now get a fully co-branded interface and card design for a unique look along with turnkey compliance. Ternio also provides co-branded dashboards and account management systems to ensure the business runs smoothly.
Ternio has made cryptocurrency conversions so easy and instant that they are converted at run time at the time of each transaction. Ternio does not intend to produce a specific liquid crypto, but aims to unlock the potential that all cryptocurrencies hold by seamlessly converting them into expendable assets for all physical or digital outlets. Crypto debit cards are an important financial tool for unlocking mainstream blockchain adoption, and Ternio has set the standards for this.