November 2017 saw the start of a new project straight out of South Korea, in which debit card provider, Fidelium, embarked on a new project in which a cryptocurrency debit card would be designed. The project planned to allow for interactions with cryptocurrency assets at cash machines in the same way you currently can with your standard issue bank or debit card. The company also intended to integrate the card with a Multiwallet App, in order to facilitate live cryptocurrency exchanges and storage.
Crypto Debit Cards
Online cryptocurrency exchanges tend not to feature debit cards as a part of their service. Fidelium is however technically a cryptocurrency exchange, yet it is working alongside Fortress, a cross-exchange trading platform, which facilitates the process of trading. By making use of the Fortress platform, users of Fideliums card can access any of their cryptocurrencies, any time.
The project is also aims to develop an app that can allow its users to handle Fidelium tokens, Litecoin, Ethereum, Bitcoin, among other cryptocurrencies. If one of their users has an app installed on their phone, they can apply to get the prepaid debit card, as produced by Fidelium. This will allow for the users to access ATMs with the debit card and withdraw their required amount of money, in cryptocurrency units. Subsequently, these debit cards will also be able to make payments so can therefore operate in reverse.
Fidelium started working with Fortress last November. According to their whitepaper Fidelium said that the biggest issue they would face was the difference in the value of the cryptocurrencies in use as a result of their non-liquidity.
One of the biggest problems has been that traders could not use of different exchanges very easily as they find there are too many complications involved.
Fortress has been developed by Fidelium to counter that problem. With this online trading system, traders will be able to access different cryptocurrency exchanges all on the same platform. Switching between exchanges will be easy and the value of cryptocurrencies at different exchanges at the same time will remain consistent.