Spain’s largest crypto exchange could change the way we pay

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Published: Mon 13 Feb 2023, 5:12 PM

Bit2Me, Spain's largest cryptocurrency exchange, is making waves in the financial industry with the release of its Mastercard-powered debit card. The company, which was the first virtual currency service provider recognised by the Bank of Spain, is now offering a Bit2Me debit card that connects the gap between traditional finance and the cryptocurrency world.

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The Bit2Me card is powered by Mastercard's global network, which spans 90 million merchants, and can be used on NFC-enabled smartphones and smartwatches for added convenience. The card supports eight different digital assets, including popular cryptocurrencies such as Bitcoin, Ethereum, and Ripple, as well as the top stablecoin, USDT.

Bit2Me's proprietary technology allows instant switching between digital wallets, giving users the freedom to pay for goods and services with various assets. The Bit2Me card functions like a regular debit card, with online transactions, contactless payments, and 24-hour ATM withdrawals, but with the added bonus of up to nine per cent cashback on purchases.

Leif Ferreira, CEO and co-founder at Bit2Me spoke about the extensive process behind integrating the Bit2Me card with the Mastercard network and achieving such a high cashback rate. He said: "Dozens of professionals have been involved in this project, and after two years of work, we have found the key to connect cryptocurrencies to the Mastercard payment network. To do this, we had to modify the transaction flow (which is part of the international card payment protocol) so that customers can use cryptocurrencies to pay instantly and transparently for businesses. Moreover, we have managed to add up to nine per cent cash back on purchases."

The Bit2Me card offers instant, secure online payments and ATM withdrawals without the need for manual exchanges. It also has high-level security features, such as the ability to lock and unlock the card and set usage limits, as well as NFC support.

Andrei Manuel, COO and co-founder at Bit2Me believes that the Bit2Me card has the potential to be the best cryptocurrency debit card in the world. He said: "Our mission is to bring the use of cryptocurrencies closer to everyone. Bit2Me Card allows you to use your cryptocurrencies easily and quickly in your day-to-day life. You can use cryptocurrencies, such as Bitcoin, or stablecoins, such as USDT, at physical or online stores."

The cryptocurrency market has seen a surge in investor confidence over the last few months, with a $300 billion increase in market capitalisation from the start of the year. With its Mastercard network, mobile compatibility, and cashback rewards, the Bit2Me card offers a compelling option for a wide range of cryptocurrency users in 2023.

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