In a statement Friday, the Vancouver-based company said that it will capitalize on the marked interest shown by US-based cryptocurrency holders in the technology development done for the Canadian cryptocurrency credit card program to launch the program in the US.
By including the US to the card program prior to launch, NetCents said it is able to streamline the “technical development, management, and rollout of the program” while increasing the “potential card program userbase tenfold.” NetCents card holders will be able to select up to “three cryptocurrencies to spend with their credit card” and the company has developed the technology to allow card holders to spend multiple cryptocurrencies automatically in a single transaction.
Unlike other prepaid cryptocurrency cards in the market, NetCents cardholders will not have to preload cryptocurrency onto their card, eliminating potential "lost" appreciation caused by rising cryptocurrency values between the time the user loads it and the time they spend it. The NetCents cryptocurrency credit card is tied directly into users' NetCents wallets, allowing cardholders to spend the cryptocurrency in their wallet.
The NetCents cryptocurrency credit card will be integrated into the NetCents mobile application and have chip, pin, magstripe, and near field communication (NFC) functionality.
"This is a massive leap forward for us, what we are building represents the most seamless bridge between the $200+ billion cryptocurrency asset class, and all of the merchants that accept credit cards," NetCents Technology founder CEO Clayton Moore said in a statement.
"We look forward to finishing our development work and rolling out our breakthrough payment products soon."
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