One of the main goals for Bitcoin and cryptocurrency adoption is having a way of spending cryptocurrency in brick and mortar stores. Also known as ‘over the counter’ a term used to describe the exchange of cryptocurrency between a merchant and a buyer in a physical shop - basically, Bitcoin adoption wants to see Bitcoin accepted as a cryptocurrency in normal shops, markets and merchants.
There’s an easy way to do this, that’s through the creation of cryptocurrency cards, Visa and Mastercard backed accounts that allow users to purchase their cryptocurrency to spend in stores, whilst exchanging the crypto back into FIAT for the merchant automatically, meaning buyers can spend their crypto and merchants receive an accepted and standard currency in return (generally the local currency).
2gether is the latest company to attempt to do just that, with the recent announcement of a new cryptocurrency card backed by Visa Debit, that will roll out across 19 countries within the Eurozone. The Eurozone is the name used to refer to a group of countries in Europe which have the Euro as a sovereign cryptocurrency.
With 2gether, investors are able to purchase, and importantly, spend 7 different cryptocurrencies including Ethereum, Bitcoin, XRP, Bitcoin Cash, EOS, Stellar and Litecoin. All cryptos will be exchanged into Euros ready to be accepted by the merchant, without the investor doing anything more than simply just paying for their products and selecting which crypto they with to spend.
This roll out comes after a number of successful trials of the 2gether project in Spain, one of the countries that the wider 2gether project will be expanded in.
According to RTT News:
“Ramón Ferraz, CEO of 2gether, said it is one of the first companies in the crypto space launching a consumer-owned, tangible application that connects crypto and the mainstream market. The company announced that on March 27, 2gether will launch the pre-sale of the 2GT token as a Virtual Financial Asset under the ticker 2GT.”
“All EU citizens are eligible to participate in the pre-sale of EUR5 million worth of token sales. In the future, 2gether's platform will be incorporating AI and machine learning technologies to assist with financial management, product choices, and investment decisions best suited to the user, the company said in a press release.”
Once 2gether see’s a full launch, it could well drive a new form of cryptocurrency adoption across a number of European countries. This is one of many projects that has been set up to allow for the faster, cleaner and easier spend of cryptocurrencies.