Today, July 7e 2021, the Collateral team announced that users will be able to sign up for their new Collateral Pay debit card later this month. The debit card, which instantly secures cryptocurrency for a Fiat currency loan, gives customers the ability to pay for goods or services at the point of sale anywhere in the world, without actually spending their crypto.
How it works?
1. A customer chooses a product or service to purchase from any retailer in the world and pays with their Collateral Pay debit card.
2. Instantly, the Collateral Pay debit card integrates with the Collateral Pay wallet where the cryptocurrency is held. The crypto is secured against a Fiat payment made to the retailer and is secured in a fully audited smart contract.
3. The dealer receives the Fiat currency.
4. The customer decides when to pay off the Fiat debt; there are no time constraints.
5. Payments can be made in Cryptocurrency or Stablecoin directly on the smart contract to release the Cryptocurrency into the Collateral Pay Wallet.
Comments and announcement of recruitment by guarantee
Chris Longden, CEO of Collateral, commented, “It is very difficult to spend cryptocurrency at the point of sale. We have found that our target audience doesn’t always want to spend their cryptocurrency, as they either view it as a long-term investment or believe in its potential as a decentralized future of money. Customers often prefer to keep their precious digital assets and Collateral Pay allows them to do so, offering a simple solution that instantly leverages cryptocurrency against Fiat to save time on a daily basis. purchases of the day. “
Other great news, Collateral announced yesterday (the 6e of July 2021) that Suresh Vaghjiani will join the Collateral team as an advisor. Among the technical and regulatory aspects of its work, one of Suresh’s priorities will be to complete the finalization of an agreement with Visa or Mastercard. Collateral expects a decision to be made shortly.
Chris continued, “The debit card solution gives us faster access to market. We want our customers to have choices, and accessing HODL is one of them. With Collateral Pay, they will never have to sell their crypto to monetize it. They have the comfort of knowing that their crypto collateral will always be secure and accessible in a smart contract. And because they don’t sell, they won’t lose any gains they might make on their cryptocurrency, and they’ll be able to enjoy tax benefits as well.
You can sign up to receive your Collateral Pay debit card in July.
Contact: [email protected]