NearPay, a crypto finance protocol, has now launched virtual crypto cards and a wallet for iOS and Android users.
NearPay is now made available on all platforms which include the Web, iOS and Android. The platform lets its users buy digital assets using credit cards or even through a bank transfer.
The entire process of transacting has been made easier, as users can send, receive and exchange a digital asset without hassle.
The finance protocol has attempted to bring a modern digital banking experience across the industry.
The platform will also allow a user to make withdrawals just through a bank account.
Additionally, there is a provision to instantly use a virtual Visa debit card that allows one to spend digital assets for online purchases with an option to automatically convert crypto into fiat currency.
At the current moment, NearPay can support 38 cryptocurrencies which include Bitcoin, Ethereum and Tether (USDT) and other digital assets.
Crypto Accepted For Everday Purchases On NearPay
The card issued by NearPay has now given users a chance to make everyday purchases with digital assets. The platform accepts Visa debit cards as stated above but only after the registration process is completed.
The NearPay platform also lets users track their spending, control the PIN and also freeze and unfreeze the card along with other functionalities, stated the announcement.
Additionally, it also mentions,
Along with crypto payments and conversion, you can make conventional bank transfers in EUR and GBP. In the near future, Wallet will provide earning rewards with a compound rate of up to 15.81% API without any deposit or withdrawal fees
Payments that have been made through cryptocurrencies will cross $10 billion in total transaction value globally for the first time this year.
Additionally, 60% of digital asset owners are still choosing to go with the virtual asset as a payment method which is comparatively more private or secure in order to make online purchases.
Ivan Ilin, COO at NearPay mentioned,
At NearPay we have taken the best features of modern digital banking and brought them to the world of crypto to create a simple interface that makes managing all your finances, both fiat and crypto, easier than ever. With our newly launched iOS and Android apps, our customers can access NearPay Wallet on the go and instantly get virtual crypto cards to spend their assets without converting them in advance.
NearPay Is A Custodial Crypto Wallet
A lot of other retail fintech applications let their customers purchase virtual assets but what the users are buying is practically synthetic in nature, meaning that these assets are not allowed to be withdrawn. NearPay is a custodial wallet which allows users to directly own their digital assets and make the assets work the way a user wants to use them.
For the ones unaware, a custodial wallet is one in which the private keys are held by a third party. This means that a third party will have full control over a user’s fund while the user shall only have the right to give permission to send to receive payments.
Featured image from UnSplash, chart from TradingView.com