Even new payment types still suffer from some of the same issues that “old” forms have faced, namely what comes first, a sufficient number of consumers with the capability and credentials to spend value or the infrastructure of merchants where that value can be spent. Startup company E-coin is looking to solve this issue by allowing access to bitcoin value through the use of an old-fashion debit card denominated in dollars, pounds or euros.
E-coin is looking to position itself as the most useful and comfortable tool for spending bitcoin anywhere in the world with the rollout of their cypto debit cards. The startup introduced an innovative way for Bitcoin enthusiasts to easily and securely convert crypto into fiat currency and spend funds through the global Visa infrastructure.
Another relic from the old payments environment that E-coin is embracing is the necessity to charge card fees for the services they provide:
And as you may expect, there are some fees for using this hybrid cryptocurrency debit card. On top of a $2.50 ATM transaction fee, there is a $1 monthly maintenance fee, and a bitcoin withdrawal fee of 2%.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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