Web2 and Web3 tools are merging as crypto-backed debit cards

As the use of crypto-backed debit cards becomes more widespread, there is an ongoing consolidation of Web2 and Web3 solutions.

Bit2Me, the most important cryptocurrency exchange in Spain, made a statement on February 10 about the launch of its new cashback debit card, which was developed in collaboration with Mastercard.

The original Bit2Me card allows its users to make transactions via the Mastercard network, which is used by millions of merchants all over the globe. This new upgrade gives consumers the opportunity to earn up to 9% bitcoin cashback on all transactions, regardless of whether they were done in-store or online.

At the click of a mouse, “[The] idea is that every user from anywhere in the globe has simple access to the boundless universe of Web3 financial services,”

Eight cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Ripple (XRP), Solana (SOL), and Polkadot (DOT), as well as the stablecoin Tether, are supported via the card and wallet (USDT).

It has been claimed that the corporation intends to support other currencies before the end of the year. At this time, users may access Bit2Me from 69 different countries all around the globe. Users who reside in the European Economic Area (EEA), on the other hand, are only permitted to submit an application for the virtual form of the card.

After making the first statement in 2021 that it would be providing services all over the world, Bit2Me has been planning to expand its service offerings for some time now. When the local Spanish trading platform 2gether went down in July, the exchange was quick to step in and provide assistance to the 100,000 cryptocurrency investors who had been prevented from using its platform. This was done after the investors were barred from using the now-defunct site.

During this time, Mastercard has also been quite active in the Web3 arena, delivering new services and possibilities to its customers and users. Over the course of the previous year, it has selected at least seven blockchain and cryptocurrency firms to participate in its fintech accelerator program.

Additionally, the firm collaborated with Polygon to develop a Web3 musician accelerator program. This program will concentrate on the convergence of the music industry and new technology.

Mastercard made the announcement on January 31 that they would be working with Binance to offer their second prepaid cryptocurrency card in Latin American countries.


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Fintech Firm Bitlocus to Launch Crypto-Friendly Visa Debit Cards

Bitlocus – a global emerging fintech company based in Lithuania – announced on Thursday that it has partnered with Estonia-based fintech company Striga, which develops tech infrastructure for crypto companies, to roll out crypto-friendly debit cards for its customers across the European Economic Area and the globe.

Bitlocus said that the crypto-enabled debit cards will enable its clients to use their cryptocurrencies to buy goods and services just the way they spend traditional currencies where Visa is accepted globally. Backed by the Visa network, the Bitlocus card platform connects with people globally as well as over 70 million merchant locations worldwide.

Bitlocus mentioned that the cards will allow its customers to spend their crypto funds on POS (Point of Sale) devices, make online purchases, and withdraw cash from ATMs.

The crypto cards will benefit both retail customers and business clients, Bitlocus stated. While the card will allow all users to make payments with their tokens listed on the Bitlocus exchange, it will provide business clients with an opportunity to have their brand on the card.

Andrius Normantas, the Chief Executive Officer of Bitlocus, talked about the development and said: “the card is a natural addition to the portfolio of other Bitlocus products. Digital currencies and the crypto ecosystem, in general, are gaining momentum, and we want our clients to benefit from this shift as much as possible”.

Bernardo Magnani, CEO at Striga, also commented on the collaboration and stated: “our partnership with Bitlocus has been critical in the evolution of Striga as a company and dates to our early days when we were running our own crypto card program under the brand Lastbit. We are honoured to have been selected by Bitlocus to power their ambitious crypto-enabled card program and excited to kick-off this new stage in our partnership.”

Bitlocus disclosed that it is preparing to introduce both virtual and physical cards, and will announce the registration to the waiting list shortly.

Removing Barriers to DeFi Access

Bitlocus has been dedicated to helping accelerate cryptocurrency adoption.

In September last year, Bitlocus launched its innovative B2B products, including white-label exchange, crypto mass payouts, IEO launchpads, crypto payment gateway, and custom pair (with fiat) token listing services, designed to cater for the needs of crypto projects of any size and scale.

Launched in 2018, Bitlocus has continued to serve as DeFi investments platform for fiat-based investors. The Terra-based DeFi investment platform was designed to provide a simple means to help traditional investors easily access the expanding DeFi market.

Bitlocus achieves this through various products that allow fiat users to gain exposure to the yields offered by DeFi platforms and protocols such as Aave, Compound, Venus, Sushi. Bitlocus provides such products through a dashboard for accessing DeFi yields, thus helping to bring the benefits of DeFi to mainstream investors.


Image source: Shutterstock


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Altcoins surge even as Bitcoin and Ethereum price fall toward key support levels

Price action in the crypto market has not been for the faint of heart over the past 48-hours and it’s clear that volatility following Bitcoin (BTC) and Ether’s (ETH) breakouts to new all-time highs. 

While the top two cryptocurrencies fight to hold key support levels, the altcoin market has seen a handful of tokens post double-digit gains on Nov. 5 and Cointelegraph Markets Pro’s altseason indicator suggests the current market conditions line up with previous altseason price moves.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were XYO Network (XYO), Crypto.com Coin (CRO) and Wrapped NXM (WNXM).

XYO lists on Crypto.com

The XYO Network is a blockchain-based geospatial oracle network that taps into decentralized devices that anonymously collect, validate and record data on the XYO blockchain.

According to data from Cointelegraph Markets Pro, market conditions for XYO have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. XYO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for XYO began to pick up on Nov. 2 and reached a high of 77 around four hours before the price surged 103% over the next two days.

The spike in price of XYO comes as the token was listed on the Crypto.com app and a liquidity mining pool was launced on Gate where depositors can earn a 543.22% return on their investment.

CRO benefits from the Coinbase bump

CRO is the native token of the Crypto.com ecosystem and users can stake CRO alongside other cryptocurrencies on its app to earn rewards, as well and utilize their holdings to make everyday purchases via the Crypto.com Pay mobile payments app.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CRO on Nov. 3, prior to the recent price rise.

VORTECS™ Score (green) vs. CRO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for CRO began to pick up on Nov. 3 and reached a high of 76 around two hours before the price increased 64% over the next two days.

The strengthening momentum for CRO comes following the token’s Nov. 3 listing on Coinbase and the signing of a multi-year contract with esports tournament host Twitch Rivals.

Related: Cryptocurrency trading platform Crypto.com to debut UFC NFTs

Nexus Mutual launches a new Shield campaign

WNXM is the wrapped version of the NXM governance token for the Nexus Mutual protocol. Nexus Mutual is a decentralized insurance protocol on the Ethereum network that offers users the ability to take out cover on smart contracts through the use of its native NXM token.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CRO on Nov. 4, prior to the recent price rise.

VORTECS™ Score (green) vs. WNXM price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for CRO began to pick up on Nov. 3 and reached a high of 74 on Nov. 4, around one hour before the price spiked 47% over the next day.

The jump in the price of WNXM comes following the launch of a new shield mining campaign for the Premia Finance (PREMIA) project and the platform’s progress toward launching Nexus V2 which will enable the fund to pay out on partial claims.

The overall cryptocurrency market cap now stands at $2.702 trillion and Bitcoin’s dominance rate is 42.6%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.