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Banking Startup 2gether to launch Crypto debit card


Banking startup 2gether is all set to launch a prepaid Visa debit, using which users can spend cryptocurrencies. Per the announcement, customers can pay using or using any of the following cryptocurrencies- 

Bitcoin (BTC)
Ethereum (ETH)
Bitcoin cash (BCH)
Stellar (XLM) 
Litecoin (LTC)

The card will have no extra fees in any of the 19 Eurozone nations. However, it soon plans to also launch in the other 18 Eurozone countries. The countries include Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, and Slovenia.

Track Balances in Android and ioS Mobile app
The announcement states,

"Currently, spending crypto is a long and difficult process involving exchanges, personal keys, and lots of waiting,” 

2gether customers who pass the know-your-customer (KYC) procedures will also be able to manage and track their balances in an Android and iOS mobile app. The app will also let them buy, sell and hold cryptocurrencies. Further, the firm also said that purchases are offered at “no mark-ups to exchange prices.”

The firm explains in the document, how it is different from other banking systems. Presently, the firm's money management services are handled by "Pecunia Cards E.D.E.

"Your money is managed by Pecunia Card E.D.E., an Electronic Money Institution regulated under the directive 2009/110 of the European Commission, and it is custodied by licensed banks with whom Pecunia has commercial arrangements. Unlike banks, Electronic Money Institutions cannot lend or invest the deposits of the customers and have to have them available at any time. Only the customer can order outflows or inflows of their capital."

Sale of Native Token 

While no exact date for the arrival of the service has been provided, following a beta launch the firm is earnestly expanding across the eurozone. 

From March 27, the firm has also planned for a pre-sale of its native token “2GT” via the app. With the presale, the firm aims to raise €5 million. The pre-sale is open to all EU citizens. 

From the CEO’s Desk

“To date, there has been no consumer-owned, tangible application that connects crypto and the mainstream market. “We’re proud to be one of the first companies in the crypto space launching a token sale with an already finished product.” - said 2gether CEO Ramón Ferraz.

 About 2gether

2gether was founded in 2016. The firm is further advised by KPMG and A.T. Kearney. Also, the firm seeks to improvise on the personal economies of customers by deploying technologies such as blockchain and big data.