In an announcement today the banking startup 2gether said customers will be able to use the card to pay with either euros or any of the following seven cryptocurrencies: bitcoin (BTC), ether (ETH), XRP, bitcoin cash (BCH), EOS, Stellar (XLM) and litecoin (LTC).
The company reported the 2gether card “instantly” converts the cryptos to fiat currency and, it said, and can be used by customers in any of the 19 eurozone nations without any fees.
The press release said:
“Crypto companies have been talking the talk when it comes to mass adoption, but not actually walking the walk. Crypto is still not widely accepted everywhere, and the places that do accept crypto are not usually places that your average person wants to shop, like malls, movie theaters, or local bars. Currently, spending crypto is a long and difficult process involving exchanges, personal keys, and lots of waiting,”
As is becoming customary with much of the crypto industry, 2gether customers will have to pass KYC procedures. After doing so they can manage their balances in an Android and iOS mobile app that also lets them buy, sell and and hold cryptocurrencies. The firm said purchases are offered at “no mark-ups to exchange prices.” There was not mention of which exchanges so they are giving themselves a fair amount of leeway.
Following a beta launch in Spain, 2gether is now expanding across the eurozone, adding that users can now download the app in expectation of a March 27 launch. The same day, the firm also plans a pre-sale of its native token “2GT” via the app, aiming to raise €5 million (or $5.65 million). All EU citizens can participate.
CEO Ramón Ferraz said:
“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.”
2gether is based in Madrid and says it is advised by KPMG and A.T. Kearney.
Images courtesy of 2gether