LONDON (dpa-AFX) - A Singapore-based startup wants to make cryptocurrencies like Bitcoin go mainstream and be available for everyday transactions.
TenX has built an app that serves as a digital wallet connected to the Visa card. The debit card will instantly convert multiple digital currencies into fiat money such as the dollars, yen and euros.
When the card is swiped at a restaurant or retailer, the cardholder's crypto account will be debited while the merchant will be paid in local currency.
The card now supports eight digital currencies, including Bitcoin as well as the lesser-known dash and augur. TenX intends to offer about eleven digital currencies by the end of this year.
TenX said it takes a 2 per cent cut from each transaction processed with the card and has already received orders for more than 10,000 cards.
The company has set a limit of $2,000 a year at each card. However, users can apply to increase the limit after they undergo identity verification procedures.
TenX currently processes about $100,000 transactions a month and targets $100 million in monthly transactions as well as a million users by the end of 2018.
Copyright RTT News/dpa-AFX