UK-based startup, the London Block Exchange (LBX) is launching a debit card that will allow users to spend cryptocurrencies at the point-of-sale, the company announced yesterday.
The cryptocurrency card, dubbed the ‘Dragoncard’ according to the press release, is a prepaid debit card to be powered by Visa. The card will be able to “immediately perform a trade on the exchange and covert cryptocurrency into traditional funds in order to instantly purchase goods,” the company said.
Of course, having a card that allows a user to shop using cryptocurrencies only works if that user wants to spend their coins—which, in the case of something like bitcoin, some may not.
However, the card will also be linked to a mobile app that will allow users to trade and invest in cryptocurrencies on the LBX platform.
LBX founder and CEO Benjamin Dives, a veteran of bank Credit Suisse, said in the release:
If a shop accepts Visa, it now accepts Bitcoin, Ethereum, Litecoin or Ripple.
Despite being the financial capital of the world, London is a difficult place for investors to enter and trade in the cryptocurrency market. We’ll bring it into the mainstream by removing the barriers to access, and by helping people understand and have confidence in what we believe is the future of money.
Read more at BusinessInsider, PRNewswire, and Endgadget.