Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Business Finance

New debit card lets some folks spend cryptocurrency like cash

(BUSINESS FINANCE) Cryptocurrency is changing the face of finance, but a major challenge is consumers being able to spend the currency – until now.

london block exchange dragoncard cryptocurrency

Bitcoin and other digital cryptocurrencies are becoming more and more like regular money every day.

A London-based startup would like consumers to be able to access cryptocurrencies and use them for everyday purchases in the same way that they use cash or a debit card.

In the next few weeks, London Block Exchange (LBX) plans to unveil their Dragoncard, a Visa debit card that will allow consumers in the UK to spend Bitcoin and other cryptocurrencies across the country, just as they would use a regular debit card (sorry, it won’t be available in America quite yet).

The card had been pre-approved by the Financial Conduct Authority. The Dragoncard app will allow users to use Bitcoin, Ethereum, Ripple, Litecoin, or Monero by converting these currencies to sterling. Other cryptocurrencies may be added in the future.

Advertisement. Scroll to continue reading.

After making the conversion, users will be able to pre-load Dragoncard with funds. Dragoncard will be secured using the same systems as other UK bank cards.

Users will have to pay a one-time £20 fee, plus fees to withdraw from ATMs. When making a purchase at a retailer, the user will also be charged a 0.5% fee for converting the digital currency. LBX, rather than the retailer, will manage the conversion, which may help speed up the notoriously slow cryptocurrency transactions.

LBX’s CEO Ben Dives hopes to make cryptocurrency more “mainstream” by “removing the barriers to access, and by helping people understand and have confidence in what we believe is the future of money.”

LBX’s executive chairman, Adam Bryant, formerly of Credit Suisse, reiterated the idea that cryptocurrencies are the future. “We’re confident we’ll transform this market in the UK,” he said. He believes that LBX “will become the leading cryptocurrency and blockchain consultancy for institutional investors and consumers alike.”

LBX has opened pre-registration for the general public, but institutional investors must be invited.

Advertisement. Scroll to continue reading.

Ellen Vessels, a Staff Writer at The American Genius, is respected for their wide range of work, with a focus on generational marketing and business trends. Ellen is also a performance artist when not writing, and has a passion for sustainability, social justice, and the arts.

Click to comment

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Business Finance

(FINANCE) Many choose to freelance in order to escape the daily grind of working for an hourly wage. Why, then, should a freelancer charge...

Business Finance

(FINANCE) Freelancers who are not always promised a regular paycheck could benefit from staying on top of their finances. Here's our tips!

Business Finance

(FINANCE) Especially when just starting out, setting your freelance rate can be a complicated process. Here's 5 tips to help!

Business Finance

(BUSINESS FINANCE) Accelerators can help change startups from unknowns to leaders in the industry, but does your startup need one? And if so, which...

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.