Cryptex’s Debit Card Gives Bitcoin Mass Appeal And More Spending Options
A new debit card-based digital currency service aims to get around one of the biggest problems faced by holders of bitcoin: the very limited number of outlets for spending or converting their digital currency.
Hong Kong-based startup Cryptex Card provides an online service for quickly converting bitcoins into dollars and loading them on a card that can then be used at ATMs and merchant-based point-of-sale card readers. The card, which will function like a prepaid debit card, will be issued under a license tied to Chinese card provider Union Pay, which is accepted in outlets all around the world including the Discover card network in the U.S. Cryptex co-founder and Chief Executive Officer Jamon Rahn estimates that holders of the card will be able to use it at 90% of the world’s existing ATM and merchant outlets.
“Bitcoin is the fastest way to transmit money but it is currently really prohibitive on where you can spend it and where you can turn it back into money for everyday use,” said Mr. Rahn in a telephone interview from Singapore. “Cryptex allows people to have greater convertibility of their bitcoin holdings.”
Other initiatives to attempt to make easier to convert bitcoins into traditional currencies include the special bitcoin ATMS developed by firms such as Robocoin and Lamassu and the network of local outlets providing exchange services managed y a firm called ZipZap.
Cyrptex’s backers argue that their plan would give holders of bitcoin considerably more flexibility and greater options for using the digital currency. That, in turn, will promote greater bitcoin adoption, they say.
Like many bitcoin businesses, Cryptex is grappling with an evolving regime of regulation as governments seek to take greater control over an industry that has been hit with money laundering charges and other scandals.
Other initiatives to attempt to make easier to convert bitcoins into traditional currencies include the special bitcoin ATMS developed by firms such as Robocoin and Lamassu and the network of local outlets providing exchange services managed y a firm called ZipZap.
Cyrptex’s backers argue that their plan would give holders of bitcoin considerably more flexibility and greater options for using the digital currency. That, in turn, will promote greater bitcoin adoption, they say.
Like many bitcoin businesses, Cryptex is grappling with an evolving regime of regulation as governments seek to take greater control over an industry that has been hit with money laundering charges and other scandals.
Cryptex customers will be put through identity checks in compliance with standard anti-money-laundering and “know-your-customer” regulations, said Mr. Rahn, who like his Hong Kong-based co-founder and Chief Technology Officer Andy Cheung, has a background in payment services.
In the U.S., Cryptex will impose daily limits on the amount of money that can be loaded on to a card in compliance with money transmitter rules. It’s not clear what other U.S. rules Cryptex will have to meet. Federal regulators have insisted that bitcoin exchanges and payment processors obtain state money transmitter licenses and register with the Treasury Department’s Financial Crimes Enforcement Network.
For now, Cryptex can complete a conversion in around 24 hours. Mr. Rahn said he expects a fully automated process will be in place by the early summer to allow instantaneous conversion and card-loading for immediate use for ATM withdrawals or purchases.
In the U.S., Cryptex will impose daily limits on the amount of money that can be loaded on to a card in compliance with money transmitter rules. It’s not clear what other U.S. rules Cryptex will have to meet. Federal regulators have insisted that bitcoin exchanges and payment processors obtain state money transmitter licenses and register with the Treasury Department’s Financial Crimes Enforcement Network.
For now, Cryptex can complete a conversion in around 24 hours. Mr. Rahn said he expects a fully automated process will be in place by the early summer to allow instantaneous conversion and card-loading for immediate use for ATM withdrawals or purchases.
Cryptex charges no fee for producing or delivering the card. Much like a traditional currency broker or bureau de change, it profits by charging an exchange rate above that at which it purchases dollars on bitcoin exchanges. Mr. Rahn said that more favorable rates will be available for customers who make larger purchases. Separate ATM fees will apply in most cases.
“I have no doubt that there will be competitors to follow [Cryptex], when they are able to figure out their own secret sauce of finding a cooperative bank, a payment network, and a payment processing technology that all seamlessly work together,” said Mr. Terpin. “In the meantime, Cryptex is positioned for fast growth.”
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