The cryptocurrency financial space is huge and continually growing. This means that consumers are always looking for new ways to buy, hold, and spend crypto. As a business, any crypto opportunities you provide to your customers could prove very effective in attracting and maintaining customers or users.
Crypto debit cards present one of many ways that businesses can attract and reward customers, allowing them to make the most of their crypto holdings when they spend money.
What are crypto debit cards?
One of the main factors holding back the wide adoption of cryptocurrency is the difficulty of spending directly in crypto. Traditionally, crypto would have to be converted into fiat currency before it could be spent in a shop or online.
However, this is why crypto debit cards are an exciting new possibility in the cryptocurrency space, providing a direct method for holders of crypto to complete transactions and payments in their desired cryptocurrency, even if the merchant doesn’t accept crypto payments.
Crypto debit cards work in a similar way to fiat debit cards. With the support of large finance companies such as Visa and Mastercard, you can link the debit card to your crypto wallet, allowing crypto funds to directly leave your wallet and reach the necessary merchant.
With a crypto debit card, the exchange into fiat currency is made in real time, allowing you to spend at the crypto to fiat rate you prefer. This means that prices can be quoted in fiat currency, such as dollars, but extracted from your wallet in crypto and then appropriately converted at the current market rate.
Benefits of crypto debit cards to consumers
Ease: Crypto debit cards allow you to store your money in crypto rather than fiat currency, while still being able to spend this crypto when necessary. A crypto debit card allows you to spend in crypto at the point of purchase, rather than having to convert to fiat currency first.
Speed: Payments will be processed almost immediately, rather than having to process your crypto to fiat transaction, followed by your fiat payment, all of which could take several days. This way, your crypto payment will be processed within hours.
Fees: Fees for crypto debit cards are typically low, and often lower than alternative forms of payment such as credit cards.
Better rates: One of the original problems with having to off-ramp by exchanging to fiat currency was the loss of better rates. For example, if it takes hours or days to process the exchange from crypto to fiat currency, it’s likely that the rate you originally preferred has changed, possibly for the worse. With a crypto debit card, it’s much easier to convert your crypto to another value at the exact rate you would like.
Accessibility: Crypto wallets and crypto debit cards are much more accessible than other forms of storing and spending money. Whereas debit and credit cards will require a large amount of personal information and financial vetting, cryptocurrency is accessible to all.
Privacy: Storing and spending your money in cryptocurrency can provide an increased amount of privacy. Whereas banks or financial institutions can trace your spending and adapt their financial policies accordingly, only you will be able to see your spending, and you’ll be completely in control of your crypto finances and their security.
International payments: Spending in crypto allows you to avoid expensive international fees and currency conversions. Making an international payment with a crypto debit card is much cheaper and easier than through other payment methods, allowing you to connect financially with anyone on the globe.
The value in using Hydrogen
With Hydrogen, and our Chainswipe offering, we make crypto spending easy with the offer of our crypto debit cards. Cardholders can use the cards anywhere debit cards are accepted, and they are compatible with all major crypto protocols. In providing exciting crypto opportunities to your customers, your business can benefit from both new crypto enthusiast customers and increased brand loyalty.
Best of all, our crypto debit card is offered through a bundled solution with a no-code platform. This means you can leave the hard work up to us, so you don’t have to worry about the coding, the signing of multiple agreements, or the building of integrations.
And, with Hydrogen, you’ll also have access to many other bundled financial features beyond the crypto debit card. These include rewards, spending controls, USD wallets, and more.
If you would like to find out more about what features Hydrogen can offer, contact us today.