Haven experienced the use of Xapo cryptocurrency debit cards between 2014 and 2015, I have been on the lookout for another crypto debit card since Xapo's services in South Africa were halted.
Using the Xapo debit card back then was an experience I enjoyed, walking into a Pick n Pay store and swiping with a crypto debit card gave me the feeling of being ahead of the masses with a smile on my face. Think about it, I am talking about 2015 and not two years ago.
It is now almost a decade and I am yet to find another crypto debit card, perhaps it is out there and I am unaware if you are reading this article and know of any please share in the comment section.
Bit2Me Card
I have the habit of reading through crypto debit card publications since I am on the lookout for one.
Bit2Me, the biggest Spanish exchange, and the first company to be recognized as a virtual service provider by the Bank of Spain has just launched a long-awaited debit card. The Bit2Me debit card works across the entire Mastercard network, enabling both crypto-stablecoin payments across more than 90 million global businesses and up to 9% cash back on all payments.
Source
The above quote had me keen on Bit2Me. From my understanding, its services are global on the Mastercard network.
I spent some time navigating the Bit2Me website and downloaded the App. After a second trial of uploading my identity, it was unsuccessful and still pending. I will be getting back to it later to try again.
I also left a message asking if I can use Bit2Me in Benin, hopefully, I get a response.
Crypto On and Off-ramp
As interest in cryptocurrency grows the on and off-ramp cryptocurrency issue persists and it will be a breakthrough if people can exchange fiat currency for crypto and vice versa seamlessly.
Having to go through the banks to cash out cryptocurrency needs to be avoided as much as possible.
While Africa looks to be doing well in cryptocurrency adoption with Kenya, Nigeria, South Africa, and Ghana leading the way, a crypto debit card could help facilitate usage and adoption.
Challenges In Serving Africa
Like Xapo that halted its services in South Africa, it might have been due to regulations, though I made no effort as to why Xapo's services came to an end.
We probably are seating with regulation issues that aren't friendly to companies looking at penetrating the African market with crypto debit cards, since data consistently shows interest in cryptocurrency is on the rise on the continent.
Cryptocurrency presents opportunities in various ways especially those unbanked are opportune to have their money in crypto as they wish. Though we have financial regulators that are bent on stifling the growth of cryptocurrency as it poses a challenge to their existence.
With all the opposition against cryptocurrency, the reality regulators are refusing to accept is cryptocurrency is here to stay and there will always be ways to access it.
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