ZangPay announces the development of a crypto debit card that will be rolled out in the coming months. These debit cards are split currency coins that allow three cryptocurrencies and three traditional currencies on these cards. The exchange rates are adjusted daily and can seamlessly transition between currencies if needed.
ZangPay is one of the first institutions to offer debit cards that have cryptocurrencies. In fact, it is the only online financial institution that offers multiple currencies. These cards have the potential to revolutionize the fintech industry and create a new brand of financial blending between digital currency and traditional banking.
ZangPay, a British operated online bank, is set to open its first location a few months from now. ZangPay has been created by a team of young financial experts who came together to create the perfect combination of traditional banking and cryptocurrency. Hiring experts around the world to collaborate on their platform, their 8-month development platform is all set to launch.
What makes ZangPay’s debit card different?
Normal debit cards are easy to understand. They hold single currencies that is deposited by individuals/companies and can be used to purchase items and services. Most banks allow products with different currencies to be bought with the card but charge a ridiculous exchange rate. Some banks offer multiple currencies to reduce fees. However, these cards cannot work with cryptocurrency and even changing the platform wouldn’t help.
The current “debit cryptocurrency cards” on the market can barely be seen as debit cards as they only store cryptocurrencies. They are also highly unreliable and charge exceptionally high fees. Furthermore, these cards need to be linked with trading platforms like Coinbase and they charge their fees as well. In addition to that, they only work with certain ATMs and cannot be used for day to day shopping.
ZangPay has managed to address all of these issues with their Crypto Debit card. The online financial institution has created a multiplatform for their debit cards which allows customers to quickly change between currencies and between fiat and crypto. This will allow people who own cryptocurrency to actually have purchasing power. This was not possible previously and for this reason ZangPay has a very promising potential. Though it will be a few weeks before these cards are rolled out, it can be expected that many people will signing up for these cards.