EQIFI has launched global crypto Mastercards which enable users to leverage their digital assets to make real-time merchant payments in-store.
The global crypto Mastercard will be accepted in more than 44 million locations worldwide and is capable of processing online and international payments. It also features normal security components such as an EMV chip, standardised PIN, and fraud protections.
With the backing of prominent EQIbank – a fully regulated challenger bank aiming to bridge the space between traditional and digital assets – the Tezos-based decentralised finance platform EQIFI will facilitate and handle transactions.
“The partnership between EQIBank and EQIFI was designed to bridge the gap between DeFi and traditional finance,” he explained.
“We understand that our clients want regulated access to digital assets.
“That’s why we’re excited to launch the EQIFI Mastercard to give EQIFI users access to a full range of innovative DeFi based banking products and services.
“The launch of EQIFI’s debit cards is an integral step and milestone in the mission to increase the financial freedom of our many customers, allowing them to integrate digital assets into their everyday lives.”
DeFi is slowly revolutionising financial practices
Perhaps most exciting for the newly minted crypto investors looking to cash-in on the latest rally – the card has no spending limits – meaning crypto assets can be fully leveraged without a direct need to convert to fiat.
Speaking to Coin Rivet, Brad Yasar – the CEO of British Virgin Islands-based EQIFI, explained how this real-world DeFi implementation could change the face of our daily lives.
“We are tremendously excited to bring EQIFI’s debit cards to our current and future users,” explained the CEO.
“This is a major step towards combining the benefits of DeFi with mainstream, traditional banking and payments processes.
“Having a physical, tangible product that our users can incorporate into their everyday lives illustrates how DeFi is steadily revolutionising financial practices. By combining DeFi, crypto, and traditional payment rails the future of finance is well and truly here.”
Those staking the native EQX token will have priority access to the Mastercards.
Initially, payments made will have to be converted in fiat at EQIFI. However, there are plans underway for the launch of an automated system that will facilitate direct card spending of Bitcoin (BTC) and ERC-20 tokens.