A crypto company has launched a prepaid card that enables consumers to spend their digital assets freely.
Embily can be used anywhere Mastercard is accepted and boasts a daily ATM withdrawal limit of $2,500 — substantially higher than conventional bank cards.
The product is available worldwide, and Embily says all funds are insured. Better still, cards are fully customizable, meaning owners get the chance to really show their personalities and make a statement.
Presently, the Embily team says the card can be topped up with three types of cryptocurrencies: Bitcoin, Ether and Tether. “Strong community coins” are also going to be added in the not-too-distant future.
Embily says its goal is to make using prepaid cards as quick and convenient as possible. Just 10 block transactions are required when an account is being topped up using ETH.
Videos online have illustrated how quickly these top-ups take place, meaning users won’t have to wait long before they can hit the shops and indulge in retail therapy. The card’s balance can easily be accessed online in real time, with a comprehensive transaction history detailing how funds have been spent.
Up to $13,000 can be loaded onto a card in any single transaction, and the maximum balance that a card can hold is limitless. From here, it’s easy to book hotels, hire cars, buy things online and pay for dinner just like someone would with their old-fashioned debit or credit card.
The regular Embily card is a plastic card with contactless-payment functionality and various colors that will be available for order soon. Part of the card has been made from metal — with individual designs that help owners stand out from the crowd on nights out and at business meetings.
Two mobile apps have been developed to accompany the Embily prepaid card, one on iOS and the other on Android. Both apps are currently in beta testing, and the company says they will be available for download on the App Store and Google Play very soon. A web version is available right now.
The next step will see Embily begin to offer a crypto wallet for its customers. This will mean that they can hold and use their cryptocurrency on a single platform in a “convenient, fast and safe” way — all without having to log into multiple exchanges.
Back in August, Embily’s prepaid card business was acquired by the Blockchain International Group Singapore.
Since launch, the company has been focusing its efforts on the Asian market — all with a view to becoming a dominant force on the continent that would pave the way for its prepaid card to become a common sight around the world.
Embily was first established in Dubai back in June 2017, and now boasts team members from a diverse range of backgrounds. Professionals who work at the company hail from around the world, specializing in everything from digital marketing to finance. Their goal is simple: “to come together and build something great.”
Taking crypto mainstream
Ensuring that cryptocurrencies can be spent in traditional brick-and-mortar stores — as well as online — has been a major hurdle for the industry. Delivering an easy way to spend digital assets is a surefire way to increase levels of adoption beyond hardcore crypto enthusiasts.
There are benefits for merchants, too. Having the ability to accept crypto payments, which are immediately converted into fiat at the point of purchase, allows them to broaden their appeal to a wider cross-section of customers.
Embily is hoping to be at the forefront of this revolution — delivering “innovation, ease and sophistication in one neat package.”
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