The world of cryptocurrencies has received another boost with the introduction of a new cryptocurrency card called BlockCard created by American blockchain firm Ternio. The announcement by the company has revealed that the company will support multiple cryptocurrencies including Bitcoin [BTC], Ethereum [ETH], Stellar Lumens [XLM] and Ternio [TERN] with a plan to add others soon.
The update was followed by a statement from Ian Kane, Founder and Chief Operating Officer [COO] of Ternio, who said:
“Ternio’s goal is to accelerate the use of blockchain and cryptocurrency into everyday life. BlockCard enables the card holder to gain real utility from their cryptocurrency and removes the notion that crypto is only a speculative asset.”
The company has also stated that there is a plan to introduce a complementary mobile application with the aim to conduct cryptocurrency transactions. The news has also caught the attention of Weiss Ratings, a popular cryptocurrency rating company who had tweeted:
“#Ternio has announced a new #crypto debit card – BlockCard to accelerate the use of #blockchain and #cryptocurrency. Card can be used online or in physical stores worldwide. Card supports 4 #cryptos: #BTC, #ETH, #XLM and #TERN and may add more.”
The company has also stated that the Blockcard will be the first card to support multiple cryptocurrencies with the option of processing transactions via a cryptocurrency exchange.
Daniel Gouldman, CEO, and Founder of Ternio also said:
“We want to give consumers the option on which digital asset they use to fund their BlockCard account, Cardholders decide if they want to buy a bagel with their Bitcoin or a latte with their Stellar Lumens. Most importantly, these transactions occur on digital asset exchanges, which helps to propel the crypto community.”
The concept of cryptocurrency credit and debit cards are not new in the digital assets space, with Uphold being another example. During the launch, Uphold had said that they will be launching the world’s first cryptocurrency line-of-credit service. According to the company:
“We’re soon launching both physical and virtual debit cards, and we’re going to turn this waiting list into a dynamic leaderboard rewarding early referral, community participation and transactional activity!”