The world of cryptocurrencies and blockchain has always been filled with innovation and unique developments. These developments are ordinarily aimed at bringing in new investors who will then boost the market. Crypto debit cards are one of such developments over the years, as user demand required a bridging between traditional payment and cryptocurrency. There is no longer a need to sell crypto for fiat to make a purchase or to send crypto to merchants for conversion before purchase. With Crypto debit cards, you can hold or spend crypto at your leisure and get rewards for your spending actions.
Crypto debit cards combine the world of crypto and blockchain service and give users physical access to their currencies. Users do not have to worry about having their Tokens/Coins converted to liquid for purchase with the debit card. It is up to the user whether they back these crypto purchases with traditional Fiat backing; transactions/purchases are made directly with cryptos and do not require the user to hold physical currency in their account.
Currently, there are three prominent crypto debit card services on the scene, with each offering essential and unique services to its users:
Of the three mentioned and prominent cards, Crypto.com is the earliest to be established, long before the Binance and FTX cards.
The Crypto.com Visa Debit Card is a rebranding of the Monaco card that was completed in September 2018. The card is currently shipping to regions including Singapore, the USA, and the countries in the European Union. Top up fiat with Crypto.com and get back up to 8% for transactions done, no issuance fees, no annual fees, ATM withdrawal fee-free up to $400.
The card currently supports BTC, ETH, LTC, XRP, PAX, TUSD, EOS, and XLM (EOS and XLM available in selected states in the US), intending to support more cryptos in the future.
The card supports GBP, USD, HKD, EUR, JPY, SGD, and AUD on the Fiat side. The addition of other Fiats is planned.
The platform offers five card types; Midnight Blue, Ruby Steel, Jade Green/Royal Indigo, Icy White/Frosted Rose Gold, and Obsidian Black. Each of these card types comes with exclusive benefits and deals (ex. A higher amount of ATM withdrawals with no fees), which requires a staking amount before use of the card.
A recent partnership with Booking.com exposes the platform more to the traditional users available on Booking.com, offering the traveling service platform, the entrance opportunity to the world of Crypto, and the Crypto.com card users the opportunity to travel paying with their Crypto.com Visa Debit Card.
Top crypto exchange Binance issued its Visa Debit Card on the 1st April 2020, one year ago, accepted in over 46 million merchants offline and online in 200 regions and territories, making shopping with crypto more accessible than ever.
The card is created to do everything regular cards do, aiming to cover more countries and regions as indicated. The card comes with benefits which include;
Binance currently only uses BNB and BTC coin for purchase payment and the metallic is issued by Swipe.
FTX exchange has launched its FTX US card that services the US region exclusively for now. Pay for goods and services using your FTX US account at millions of merchants worldwide, without the need to transfer your funds to a bank account.
The card is also issued by Swipe Visa, same as Binance, but debit can be done with any of the balance on the holder’s FTX balance, unlike Binance, which allows only BNB and BTC. The service is currently exclusive to US residents with SSN, and metallic cards are planned.
The platform also planned to expand crypto debit card reach, including the millions of Blockfolio users, one of its recent acquisitions.
The issuance of these cards will aid the purchase of goods and services directly with crypto instead of first converting to fiat. That changes the game for a lot of people and the entire industry. It is also making the real-life application of blockchains more and more realistic, and no doubt future innovation will be built off of this development.
Right now, there are no reported weaknesses or downside of the already issued crypto Debit Cards in circulation; as with other cards in the traditional system, failure to keep your metallic cards safe may result in loss of funds. However, Binance has assured high-grade security for its debit card users, and the other providers also have expressed concern for keeping user assets protected.
FTX card emergence has thrown the industry into what is known as the Debit Card War. The new entrance into the field, Gemini Exchange’s planned debit card issuance, joins a host of other blockchain services making their debut into this field.
These developments will help drive mass adoption of cryptocurrency into traditional financial formats. Making traditional transactions possible using Crypto Debit services is an innovation many users have been waiting for, and this possibility will bring in new investors who were previously wary of the low accessibility of crypto.
For people interested in more information, here are links to sources regarding cryptocurrency debit cards.
FTX
https://help.ftx.us/hc/en-us/articles/1500004008701-Swipe-FAQ
https://www.financialnewsherald.com/2021/03/18/ftx-launches-a-virtual-ftx-u-s-card/
Binance
https://www.binance.com/en/cards
Crypto.com
https://www.cryptowisser.com/card/crypto-com-visa-card/
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The first exploit covered by Rekt News, done in November 2020, was a flash loan that resulted in a $7 million loss. On May 5th, a new exploit occurred on the vBWAP/BUSD LP due to losing a line of code caused by “human error.” It didn't stop there, on May 7th vSwap contract was exploited draining 11M from its pools. In total these hacks resulted in over 20,000,000 of lost funds due to smart contract risks.
The ensuing investigation details are taken from the RektNews analysis of what went down with the code exploit:
During the setup of the profit-sharing vStake pool, the code was not written from scratch but migrated from the old implementation of the Value DeFi Reserve Fund. The original implementation had the correct setting, but when merging the code, the line was not included.
The latest hack on May 7th at 07:41:39 PM +UTC has drained 11M USD from the vSwap contract liquidity pools. Another blockchain-based security organization also released a medium post detailing what may have transpired with the code— an incorrectly weighted constant product invariant calculation.
From the technical analysis of what may have transpired with the code according to Peckshield;
“The root cause behind this attack, the vulnerability stems from the improper use of a complex exponentiation power() function, which unfortunately lies in the critical path for invariant calculation and enforcement. Confirming Rekt News “Human Error” identification of the problem. Peckshield also suggest to make the assumption explicit in the power() function by adding the following requirement: require(baseN >= baseD)!”
ValueDefi released this Tweet an hour ago, indicating that they are working with PeckShield Inc and Certik to analyze the root cause of the exploit.
Once again, the Binance Smart Chain (BSC) community has been reminded of the vulnerability of smart contract codes. A new day seems to come with a new code exploit, a pool draining, or a rugpull event done. The ecosystem is threatened with this type of event becoming rampant in recent times.
Does it show us weak contract codes, lazy teams, or better ways to strengthen the blockchain security systems further? Whatever the right answers may be, it shouldn’t come with repeated loss of funds for DeFi users.
Join the rest of the community to keep an eye on funds movement in the wallet.
SafeStar is a frictionless yield and liquidity generating protocol that works by applying 10% fees for each transaction. These transactions are subsequently split into two, 5% to locked liquidity, the remaining 5% distributed among holders.
This creates a system where token holders get rewarded without doing anything. Users must simply hold SafeStar tokens in a compatible wallet and they can watch their balance grow automatically, in a frictionless manner. The platform also incorporates a lottery system where users can catch fun for reward.
SafeStar token is integrated with a burn mechanism that tax 10% of the total amount per transaction, of which 5% goes to a locked pool and the remaining 5% split to stakeholder. This will help to reduce the total number of tokens in circulation over time. According to the statistics obtained from the website, a total number of 443,819,739,166,317 SafeStar tokens have been burned to date.
Earn passive income by the embedded RFI mechanics in the token. The RFI mechanics are responsible for the auto reward system that increases your balance. Whenever a transaction is done, whether a transfer between wallets, or a trade, SAFESTAR is split into two, where it is auto-locked and auto rewarded to holders.
Unlike most RFI based and deflationary platform without a working product, SafeStar has a native active lottery system with a weekly raffle draw held every week.
An active game is currently live and will end in 48hrs. A total of 500 million $SAFESTAR is required for entry and 150 billion $SAFESTAR token up for winning participants.
Fees generated from the lottery system are split into two; one part goes to the charity, which is currently around 0.9689 BNB, approximately $604 in today’s rate, and the constant burn of the tokens 51 billion $SAFESTAR.
Taking an assumption that the ticket price is 100 $SAFESTAR
The lottery system will add to the auto passive income generating medium of SafeStar for holders who have a high-risk appetite and wants to add up to their holding.
As part of the token growth and the SafeStar project expansion, the token has been listed on P2PB2B, one of the top crypto exchanges. This exchange offers that boast more than $600 million in daily trading volume. $SAFESTAR is also active on PancakeSwap and Bitmart.
The platform reached a new milestone; more than 44% of the Total Supply has been burned forever, a whopping $18,40,311. More burns are expected as the number of holders reaches a new level—a strategy to continue reducing the total supply of the tokens.
The platform features both deflationary and RFI mechanics. Each transaction is taxed with 10%, 5% goes to the PancakeSwap locked LP pool, and the other 5% is split with holders.
The deflationary tokens can earn you up to 80% in the Annual Percentage Yield (APY), higher than any traditional system.
An extensive number of the Q2 roadmap has been achieved;
What’s left of Q2 will be the R&D of various dApps, including Non-Fungible Token and other decentralized instruments.
As you can observe, marketing has been activated to promote the platform, YouTube influencers, and various marketing campaigns. Incorporating Non-Fungible Token (NFT) technology(marketplace) will bring it up to speed with other DeFi protocols that have implemented certain forms of NFTs in their systems.
Governance voting will be the next phase of development for the platform. The major decisions for the protocol will be placed in the hands of the community. Other beneficial features will be decided by the community when this goes live.
Passive generating income by doing nothing else than holding in your wallet is the safest type of DeFi stake we can find around.
SafeStar Lottery System sets it apart from other deflationary and RFI-based systems without a use case. Full-scale marketing has started for the project, and it is gradually becoming a phenomenon with the corporation of influencers from Twitter and Youtube. Holders should expect to see bigger moves from the team in the future.
Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC, it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Users who wish to learn more about SafeStar should check out the following resources and media pages:
The concept of crypto debit cards has made sense to investors with digital knowledge for a long time. It is important that people understand how these cards operate, as they are likely to see increased adoption in the future.
The world of cryptocurrencies and blockchain has always been filled with innovation and unique developments. These developments are ordinarily aimed at bringing in new investors who will then boost the market. Crypto debit cards are one of such developments over the years, as user demand required a bridging between traditional payment and cryptocurrency. There is no longer a need to sell crypto for fiat to make a purchase or to send crypto to merchants for conversion before purchase. With Crypto debit cards, you can hold or spend crypto at your leisure and get rewards for your spending actions.
Crypto debit cards combine the world of crypto and blockchain service and give users physical access to their currencies. Users do not have to worry about having their Tokens/Coins converted to liquid for purchase with the debit card. It is up to the user whether they back these crypto purchases with traditional Fiat backing; transactions/purchases are made directly with cryptos and do not require the user to hold physical currency in their account.
Currently, there are three prominent crypto debit card services on the scene, with each offering essential and unique services to its users:
Of the three mentioned and prominent cards, Crypto.com is the earliest to be established, long before the Binance and FTX cards.
The Crypto.com Visa Debit Card is a rebranding of the Monaco card that was completed in September 2018. The card is currently shipping to regions including Singapore, the USA, and the countries in the European Union. Top up fiat with Crypto.com and get back up to 8% for transactions done, no issuance fees, no annual fees, ATM withdrawal fee-free up to $400.
The card currently supports BTC, ETH, LTC, XRP, PAX, TUSD, EOS, and XLM (EOS and XLM available in selected states in the US), intending to support more cryptos in the future.
The card supports GBP, USD, HKD, EUR, JPY, SGD, and AUD on the Fiat side. The addition of other Fiats is planned.
The platform offers five card types; Midnight Blue, Ruby Steel, Jade Green/Royal Indigo, Icy White/Frosted Rose Gold, and Obsidian Black. Each of these card types comes with exclusive benefits and deals (ex. A higher amount of ATM withdrawals with no fees), which requires a staking amount before use of the card.
A recent partnership with Booking.com exposes the platform more to the traditional users available on Booking.com, offering the traveling service platform, the entrance opportunity to the world of Crypto, and the Crypto.com card users the opportunity to travel paying with their Crypto.com Visa Debit Card.
Top crypto exchange Binance issued its Visa Debit Card on the 1st April 2020, one year ago, accepted in over 46 million merchants offline and online in 200 regions and territories, making shopping with crypto more accessible than ever.
The card is created to do everything regular cards do, aiming to cover more countries and regions as indicated. The card comes with benefits which include;
Binance currently only uses BNB and BTC coin for purchase payment and the metallic is issued by Swipe.
FTX exchange has launched its FTX US card that services the US region exclusively for now. Pay for goods and services using your FTX US account at millions of merchants worldwide, without the need to transfer your funds to a bank account.
The card is also issued by Swipe Visa, same as Binance, but debit can be done with any of the balance on the holder’s FTX balance, unlike Binance, which allows only BNB and BTC. The service is currently exclusive to US residents with SSN, and metallic cards are planned.
The platform also planned to expand crypto debit card reach, including the millions of Blockfolio users, one of its recent acquisitions.
The issuance of these cards will aid the purchase of goods and services directly with crypto instead of first converting to fiat. That changes the game for a lot of people and the entire industry. It is also making the real-life application of blockchains more and more realistic, and no doubt future innovation will be built off of this development.
Right now, there are no reported weaknesses or downside of the already issued crypto Debit Cards in circulation; as with other cards in the traditional system, failure to keep your metallic cards safe may result in loss of funds. However, Binance has assured high-grade security for its debit card users, and the other providers also have expressed concern for keeping user assets protected.
FTX card emergence has thrown the industry into what is known as the Debit Card War. The new entrance into the field, Gemini Exchange’s planned debit card issuance, joins a host of other blockchain services making their debut into this field.
These developments will help drive mass adoption of cryptocurrency into traditional financial formats. Making traditional transactions possible using Crypto Debit services is an innovation many users have been waiting for, and this possibility will bring in new investors who were previously wary of the low accessibility of crypto.
For people interested in more information, here are links to sources regarding cryptocurrency debit cards.
FTX
https://help.ftx.us/hc/en-us/articles/1500004008701-Swipe-FAQ
https://www.financialnewsherald.com/2021/03/18/ftx-launches-a-virtual-ftx-u-s-card/
Binance
https://www.binance.com/en/cards
Crypto.com
https://www.cryptowisser.com/card/crypto-com-visa-card/
