Last week, on May 19, former Visa UK and Ireland CEO Marc O’Brien said in an interview with Business Insider that he had been named CEO of a cryptocurrency startup named Crypterium. O’Brien was the CEO of VISA UK from 2008 to 2014. During the interview, he said that the Crypterium team is working hard to promote the acceptance of cryptocurrencies like Bitcoin and Ethereum and make them legitimate payments. Tools that allow users to use them for daily product and service transactions, tools like crypto debit cards.
“Currently, cryptocurrency is actually hard to use as a daily payment method. If you now want to exchange your own Bitcoin or Ethereum, then you may need 3 to 7 days to pay the money to normal. The bank account Crypterium will do is make this whole process seamless, giving consumers the opportunity to actually use their cryptocurrency for daily payments.”
Crypterium was established in Estonia in 2017 and it was reported that at the end of last year, 52 million U.S. dollars were raised through the first issue of tokens (ICO).
Crypto Debit Cards – Daily Payment
According to Business Insider, the company is focusing on developing technologies that support cryptocurrency payment cards. The company’s short-term strategy is to leverage O’Brien’s experience in the traditional financial industry and his personal connections in the field of credit card services to promote Visa. The idea is to establish a strategic partnership with Visa or MasterCard and issue cryptocurrency-backed debit cards.
Although many projects and companies such as Xapo, TenX, and Coins.ph had already launched cryptocurrency debit cards in cooperation with Visa’s issuing banks, these companies were forced to close down their loans due to the cryptocurrency debit cards being cracked by Visa in 2017. Last year, Visa stressed that it must close the debit card services of these startups because these services were initiated by third-party service providers without Visa’s permission. If the Crypterium project can directly cooperate with Visa or Mastercard, an official cryptocurrency debit card may be issued in the future.
O’Brien said: “The debit card will be attached to the wallet we created. Every time a consumer makes a transaction, our system will receive a request for the transaction. We will check the corresponding Bitcoin or Ethernet account. If the balance is sufficient, the transaction will be executed and the balance will be recorded to facilitate the transaction. You can use the debit card to shop in the store. All these payment processes are completed in one second.”
Howard Schultz, chairman of Starbucks, said he is interested in these cryptocurrencies, which can be easily accepted by mainstream merchants.
Source Image: Twitter
Starbucks is very Interested in Crypto Debit Cards
Previously, CCN reported that Howard Schultz was interested in the use of cryptocurrency markets and digital currencies. Schultz, however, said he would only be interested in the widespread adoption and acceptance of cryptocurrencies by retailers and large merchants like Starbucks.
“I personally think that blockchain technology will bring one or more legal and credible digital currencies. In terms of consumer applications, legitimacy and credibility must be achieved through the brand and physical environment, and consumers must provide Companies that encrypt currency trading services have enough trust and confidence to accept their daily payments,” Schultz said.
It is best if the project can use mainstream cryptocurrencies like Bitcoin and Ethereum to handle daily payments, even if it requires a third-party service like Visa debit card to start, there is no need to develop a separate Know Your Customer (KYC) and an Anti-Money Laundering (AML) system.
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