What is Centra (CTR)?

What is Centra

Centra is a worldwide multi-blockchain debit card. So exactly what is Centra? Find out how it aims to drive the cryptocurrency community forward today in our full Centra assessment. 

What Is Centra?

Centra, is a cryptocurrency wallet that is directly linked to a debit card. You are able to use the debit card worldwide, meaning you can spend your cryptocurrencies wherever cards are accepted. In July, the company raised $5 million in its pre-ICO. They officially support 100+ countries and are currently partnered with Visa, Mastercard and a number of banks worldwide.  In addition to its wallet and debit card, they plan on launching a platform called “Coin Bay. Centra describes it as “the world’s first Amazon style superstore that is designed to be cryptocurrency acceptable.”

But how does it work?

Centra, is the world’s first multi-blockchain debit card that’s connected to a smart wallet. The developers of this technology strongly emphasize all the features you would expect including security and safety but most importantly, Centra is insured.

The platform currently supports the 8 most popular cryptocurrencies, including, bitcoin, ethereun, Litecoin, Ripple, ERC20, Dash, ZCash and Monero. Their goal is to continue adding other currencies in the future.

After downloading the wallet, you are able to use your Centra Card to make purchases with your blockchain assets in real-time around the world. With 0% fees, users can transfer, exchange, spend and receive money through their wallet.

Also, within the next month, Centra is launching an online super-store called Coin Bay. They have designed it to be similar to Amazon but will accept all cryptocurrencies as a payment method. The marketplace will feature around 100,000 items, with more to come as it grows. The items available to buy on the Coin Bay platform include household goods, clothing, electronics and more. Vendors are able to list their products for sale on the marketplace.

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Centra Smart Wallet

One half of Centra’s technology is the Smart Wallet. The wallet app makes it easy for people to register for the Centra Debit Card, or the Centra Card. You call store all of your cryptocurrency assets in this wallet. The wallet is currently available on the IOS App Store and the Google Play store.

The app is similar to your standard banking app but has the function of turning your card on and off, without the hassle of having to contact a bank. You have the ability to spend money in 5+ cryptocurrencies to 100+ countries with no fees. The convenience of the Wallet is that there is no interbank exchange rate fluctuations and excessive fees. All funds stored in the Centra Wallet are insured from thefts and hackers, protected, and secure.

The Centra Cards

Source Image: twitter

The Centra Card is a debit card available all around the world. Initially, Centra only had two cards available but has expanded to five different card options. Each card option has a one-time ETH contribution fee, the higher the contribution the more features and benefits you receive. The contributions are as follows: the wallet has a 0.2+ Contribution, Centra Blue is 5 ETH, Centra Gold 30 ETH, Centra Gold Metal 40 ETH, Centra Black Metal Founders Card 100 ETH and Centra Titanium Metal Founders Card 500 ETH.

Pricing

Here are the fees for the standard Centra BLUE Card:

  • Physical Card One Time Fee: 5+ ETH Contribution
  • Virtual Card Issuing Fee: <5 ETH Contribution
  • Virtual Card Annual Fee: Free
  • Foreign Exchange Fee: Free
  • Foreign Exchange Fee: 0%
  • ATM Fee: $2.50
  • Spending Limit: $5,000 per day
  • ATM Withdrawal Limit: $1,000 per day
  • Token Rewards Percentage: 0.80%
  • Holder Transaction Fees: Free

If you have the Centra Gold, Black, or Titanium Card your limits increase. The Gold card has a $50,000 spending limit, a 1.25% token reward for purchase, and a $2,000 ATM withdrawal limit. The Black Centra card is a $100,000 spending limit per day, a 2% token reward for every purchase, and a $5,000 ATM withdrawal limit. Titanium has the most benefits but the company is still deciding on its spending limit allowances and ATM fees but it will offer 3% token rewards.

All Centra cards come with Visa/MasterCard support, chip technology, 24-hour tech support and additional enhanced security settings.

If you hold the Platinum or Black card, you get the additional extended warranty coverage, rental coverage, travel protection and additional bonuses. The Platinum card has an additional annual $100 travel and Uber credit.

To avoid fees, Centra uses its Currency Conversion Engine (CCE) Module at the foundation of its products.

Centra Tokens

Centra’s ICO concluded on September 25th and out of the total of 100,000,000 CTR token supply, 68 percent were sold during the token sale and are now in circulation. Binance has listed Centra’s in-house token CTR with ETH/CTR and BTC/CTR pairs opening up for trading for users of its platform. The Centra token (CTR) is a utility token that provides its holders with benefits and rewards when utilizing their Centra debit card.

Centra Offices?

The company holds its main office in Miami but has offices in Delaware, New York, and San Francisco. You can contact their development team at support@centra.tech.

Conclusion

Centra is a cryptocurrency payment platform consisting of a mobile wallet and a worldwide debit card. The debit card can be loaded with your cryptocurrency from your mobile wallet, and you are able to spend them anywhere Visa or Mastercard is accepted. It functions exactly like any other credit card but comes with extremely low fees across the board. Cryptocurrency users have benefited greatly from the increase in the value of their digital assets but the main issue is being able to spend their digital currency in the real world. Centra fixes all of these issues and makes it easier than ever to do so. In addition to their Wallet and Debit Card, they’re planning on launching an Amazon-style marketplace called Coin Bay. Centra has attracted a lot of attention throughout its ICO and has a lot of exciting things to come. If you’d like to learn more about Centra, you can do so here.

Featured Image: twitter

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