The two firms have launched a new crypto debit card. It allows users to spend stablecoins like USDT and USDC anywhere Mastercard is accepted.
Two well-known crypto firms, Exodus and Baanx, have joined forces to launch a new self-custody crypto debit card in the beta stage at BTCVegas. The card, which is powered by Mastercard and will allow users to spend stablecoins like USDT and USDC anywhere Mastercard is accepted, marks a significant step towards mainstream crypto adoption.
A PESA-regulated crypto firm, Baanx, is rolling out its new self-custody crypto debit card in beta at BTCVegas. The card, which is powered by Mastercard, will allow users to spend their crypto at any merchant that accepts Mastercard, making it a seamless integration of cryptocurrency into everyday spending.
The beta program will be limited to 500 users, who will receive an invitation to join via email. The card will be available in the US, EU, and EEA countries, and users must have a fully verified Exodus account and a balance in USDT or USDC to be eligible.
This collaboration between Exodus and Baanx aims to facilitate the transition of digital assets into everyday financial tools. The card is designed to enable users to spend directly from their crypto wallets, granting them complete custody of their funds throughout the transaction process.
In a post-FTX world, where the importance of self-custody has come into sharp focus, this feature is critical. As a leading provider of self-custody solutions, Exodus prioritizes products and services that empower users to manage their crypto assets autonomously.
Traditionally, crypto holders have had limited options for spending their digital assets, mostly relegated to a few specialized merchants or complicated workarounds. However, this new card changes the game by introducing seamless spending capabilities at millions of merchants worldwide.
The card will support major stablecoins, eliminating the risk of price volatility in Bitcoin or Ethereum during spending. Moreover, users will retain the convenience of tap-and-go payments, thanks to a partnership with Baanx, a PESA-regulated crypto firm that provides fiat and crypto processing services.
The integration of Mastercard's global acceptance network and Baanx's regulatory framework creates a unique ecosystem for crypto spending. In the final stage of the beta program, cardholders will be able to borrow against their crypto assets with a loan-to-value ratio of up to 10% at a 0% interest rate. This feature provides access to fiat funds without having to sell their crypto holdings.
