Cryptocurrencies are now getting the attention and respect of traditional financial institutions. As currencies like Bitcoin become more accepted, institutions must meet growing investor demands for easier access to their digital money.
Until now, cryptocurrency miners have been regarded as a small community of computer enthusiasts, whose mining activities were nothing more than a hobby. Bank and other other financial institutions ignored the needs of cryptocurrency miners.
That is no longer the case. A recent study puts this seismic shift in the embracement of cryptocurrencies by mainstream financial organizations. Thomas Reuters surveyed more than 400 clients on its data and trading platforms, with results showing that about 20 percent of the clients are “really interested and actively exploring” launching cryptocurrency trading operations in 2018.
In an article discussing the findings, the firm’s director of new content initiatives, Sam Chadwick, said this “feedback really astonished us”. He noted that a year ago, none of the firm’s customers had any interest in cryptocurrencies.
Most traditional financial and investment organizations are treading lightly. Their interest is focused on narrow areas. For instance, many believe traditional financial players are interested because they anticipate a wave of new instruments such as crypto bonds, blockchain-based equity, Bitcoin loans, and tokenized dividends.
Most of this work elevates the status of cryptocurrencies. But it does little to help the individual investor who wants to use the gained value in their Bitcoin accounts for day-to-day activities.
A Time for a Change
After a recent dip, Bitcoin value continues to grow and has increased significantly. Many experts predict the value will rebound above $20,000 before for the end of the year.
Miners and institutional investors alike want to tap into that growing value. Unfortunately, there are limited options. Bitcoin exchanges allow one digital currency to be traded for another. But there is no easy way to convert Bitcoin to fiat.
Some progress has been made, as a limited number of companies accept payments in Bitcoin. However, what is needed is the flexibility to withdraw the fiat cash value from a Bitcoin wallet and use it for any transaction; be it in a store, online, or to pay a bill.
This void is now beginning to be filled by the introduction of Bitcoin-based credit and debit cards.
When it comes to Bitcoin cards, usefulness and fees vary from card issuer-to-issuer. Digital currency holders should compare the terms of any card as they would traditional credit and debit cards.
Items to look for include where is the card is accepted, ATM coverage, transaction costs, monthly or annual fees, and caps on spending or withdrawals. Keep in mind that some cards incur substantial usage fees and have a sparse network of ATMs in the desired geography. This limits their usefulness.
One leader in the field to consider is Nebeus Crypto Bank. Nebeus brings together cryptocurrency opportunities and a standard bank service. Its Nebeus trading platform supports peer-to-peer (P2P) lending and a multi-cryptocurrency wallet. The platform enables customers to buy, sell, store, remit, lend and borrow cryptocurrency funds.
Nebeus offers several cards that allow holders to spend their cryptocurrency at their convenience online, offline, or to get cash at ATMs.
“The Nebeus card combines the best features of the crypto and fiat finance worlds,” said Konstantin Zaripov, Nebeus Co-Founder, and Managing Director. “As such, it bridges the gap between cryptocurrencies and fiat currencies, offering users a convenient and hassle-free means of transitioning between the two.”
The bank’s offerings let investors easily use their cryptocurrency balance for regular purchases. This capability is enabled with the Nebeus multi-currency crypto prepaid card. The card allows holders of cryptocurrency to securely and conveniently manage all their assets in a single place.
The Nebeus card comes in three forms — Exo, Rocket, and Virtual (coming soon). The Nebeus Exo card is the most powerful of the three cards, and it incurs a one-off fee of $69 along with a $6.96 monthly fee. It allows the user to withdraw up to 1500 USD per day and has a maximum load amount of 5000 USD per day.
The primary function of the Nebeus Crypto Bank card is to facilitate the conversion of cryptocurrency to fiat currency seamlessly; using the card to make payments directly or to withdraw the fiat cash value from ATMs around the world. Besides that, the card has several other convenient features which include:
- The card can be topped up with all major cryptocurrencies for free
- The card is accepted in over 40 million locations, and consumers across the globe can use it
- The Nebeus app or online platform can be used to manage the card and its assets
- The Nebeus card can be used in stores, for online payments, or for ATM withdrawals. As such, it functions like a regular debit card
- All the users’ cryptocurrencies can be stored in a “Crypto Basket”, so they have easy access to them
- Users who hold 50 Nebeus Tokens (NBTK) are charged zero monthly fees.
- Users also receive a 2% to 3% monthly cash back on their expenses in the form of NBTK crypto coins
With these features, the Nebeus Crypto Bank card plugs the gap between traditional banking and cryptocurrencies.
For more information about Nebeus Crypto Bank services and cards, visit: https://nebeus.com/info-card