Paying for dinners and groceries in crypto? Singapore-based chat app has that


What is a Cryptocurrency? A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature.

In today’s article, we will look into one of the effects of the rapid technological advancement.

A Singapore-based chat app is launching a debit card next month that will allow users to instantly spend the cryptocurrency they earn on the app as cash. The app, Consentium, will be rewarding users with Consentium Coins  – which are based off Ethereum, a popular cryptocurrency – when they create groups and communities on the app. This platform was launched in April 2018, and they managed to fund a total sum of US$42 million, which allows cryptocurrency transfers between its 40,000 active users.

Consentium mentioned in a statement on Friday (June 7) that it is offering the card to improve the liquidity of its coins. How the card work will be similar to a typical debit card, and will be accepted at “many” retailers with card payment options across Asia. It will also be able to allow users to withdraw cryptocurrency as cash at supported ATMs.

So how does the payment process works? During a payment, the card will be using a global payment company: Blucon’s payment platform to connect the user’s bank to a cryptocurrency exchange. Blucon said in a statement on May 23 that it expected to receive US$5 million worth of investments through the Consentium community. At the same time, Consentium said it will start testing the debit cards this month, and they will be available from mid-July onwards. The company is also working on a second card for transport payments.

In conclusion, although Bitcoin continues to lead the pack of cryptocurrencies, in terms of market capitalization, user base, and popularity, other virtual currencies such as ethereum and ripple, which are being used more for enterprise solutions, are becoming more popular. Looking at the current trend, cryptocurrencies are here to stay but how many of them will emerge as leaders amid the growing competition within the space will only be revealed with time.

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Source: Business Insider

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