Consentium, a Singapore-based chat application, is launching a debit card in July that will enable users to instantly spend cryptocurrency earned on the app as cash.
As reported by Business Insider, the app rewards users with tokens called Consentium Coins, based off the Ethereum cryptocurrency, when they use the app to create groups and communities.
Launched in April 2018 with US$42 million in funding, the platform allows cryptocurrency transfers between its 40,000 active users.
In a statement on June 7, Consentium said it is offering the card to improve the liquidity of its coins. It will work as a typical debit card and be accepted at many retailers across Asia with card payment options.
In South Korea alone, the card is expected to be accepted at more than 210,000 retailers.
Additionally, users will be allowed to withdraw cryptocurrency as cash at supported ATMs. During payments, the card will use the platform of global payment company Blucon to connect the user’s bank to a cryptocurrency exchange.
Blucon has stated that it expects to receive US$5 million worth of investments through the Consentium community, while Consentium said it is testing debit cards this month.
Consentium and Blucon signed a Memorandum of Understanding (MoU) in May to make the cards available starting in mid-July. According to Vulcan Post, Blucon has key partnerships with Lotte Data Communications and Hanpay Systems that enable cardholders to use them for the nation’s transportation network.
Consentium has also indicated that it is working on a second card for transport payments.
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