In the past, crypto financial cards issued by crypto financial card companies cooperated with exchanges to convert the user's funds deposited in the exchange into legal currency when the user swiped the card to pay, and then waited for subsequent allocation settlement before payment, usually through companies such as Bitapy. Thanks to the cooperation, European Web3 operator Mercuryo yesterday launched a new multi-chain cryptocurrency card "Spend", which focuses on deducting money from users' "own funds" without going through a third-party exchange.
The company has partnered with Mastercard to launch it first for European cryptocurrency holders, touting the ability to securely spend cryptocurrencies from self-hosted wallets. Unlike traditional crypto financial cards that rely on centralized exchanges, Mercuryo’s card allows Users convert cryptocurrencies into fiat currencies directly from their wallets, providing a fast and cost-effective way to pay.
The principle should be to directly tie it to the decentralized exchange, and the company will find a fund pool to directly convert the cryptocurrency into legal currency. The announcement also mentioned that this card is compatible with multiple blockchain ecosystems, and users can switch between the wallet and the Spend card. The operating principle behind maintaining an independent balance and instantly converting cryptocurrency into cash at an instantaneous rate is unclear, but it should be that the company advances the funds itself.
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〈MICA Daily｜European Web3 players launch decentralized Mastercard encrypted financial card〉 This article was first published on "Block Guest".