Bitcoin-Wave, a Seychelles incorporated Bitcoin exchange dedicated to the European market, announces it will soon offer Bitcoin debit cards, enabling users to make transactions in the Euro-zone for free.
Bitcoin-Wave had partnered with a French payment card provider and will offer Bitcoin payment cards operating on the Visa network.
Speaking with Cointelegraph, Bitcoin-Wave CCO, G. Heni, said:
"We wanted to provide a solution to one of the biggest demands from European Bitcoin users: the ability to spend cash quickly.
Currently, the process is really long, as it often requires requesting a withdrawal, waiting for it to be confirmed, and delays between banks, especially during weekends, are never-ending.
With the debit card, withdrawals are instant and users can use their card anywhere in the world."
In the long term, Bitcoin-Wave is looking to remove withdrawals by bank transfer and only allow withdrawals by debit card. "The reason is because we are looking to provide the fastest solution available out there," explained Heni. "And bank transfers [take a while to process] and banks sometimes block transfers for futile reasons."
Introduced in October 2014, Bitcoin-Wave is a BTC/EUR exchange that holds the promise of creating an overall Bitcoin ecosystem where holders can spend their coins freely and conveniently.
The startup, which is firmly against "building systematic records of clients," was launched to compete against existing "companies whose sole aim is to make profits and partition the market by trying to regularize and therefore, limit the use of Bitcoin."
The company relies on its own model, what it calls "TYC," or "Trust Your Customer," in opposition to the famous KYC, Know-Your-Customer policy.
Bitcoin-Wave, which currently serves more than 300 users, admits the number is still small, but believes it has a bigger role to play in the industry.
The company is looking to attract new users by providing fresh and practical ways of spending Bitcoin, while keeping in mind its ethics as being transparent and respectful of customers' privacy.
Starting from today, Bitcoin-Wave customers can pre-order their Bitcoin debit card. The card itself costs €30 (delivery cost included) and in accordance with the company's values, users can spend up to €2,500 without the need of providing any identification document.
The debit card fee structure works as followed:
- Transactions and withdrawals within the Euro zone:
- Transactions in the Euro zone: free;
- Withdrawals at ATMs in the Euro zone: €2.
- Transactions and withdrawals outside of the Euro zone:
- Transactions outside of the Euro zone: 2.5%;
- Withdrawals at ATMs outside of the Euro zone: €2 + 2.5%.
Confirmed users can deposit and spend as much as €15,000, and withdraw up to € 620in cash per day.
Following its Bitcoin payment card, Bitcoin-Wave further said it is working on adding new deposit options, including instant bank transfers, and is looking to conclude a partnership in the coming months with a French subsidiary of Skrill, a major online payment service that counts over 36 million account holders from 200 countries.
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