A new credit card has been directly linked to a DeFi farming project for the first time — all while delivering instant crypto-to-fiat conversions and no need for pre-funding.
The ZCore Finance Card is initially being released in Brazil, and is set to be rolled out globally in the third quarter of 2021.
Users can farm or purchase ZEFI tokens and transfer them over to the card at zero cost, and several trading pairs on Binance Smart Chain are supported for those who are interested in staking.
As an alternative, cards can also be recharged with a selection of third-party tokens — beginning with Binance Coin, Binance USD, Wrapped ZCore and the ZCore token — with a 4% fee charged for these deposits.
The crypto credit card can be used to make purchases at local merchants, unlocking another milestone in the quest to make shopping with digital assets a more mainstream activity.
A card with a twist
A number of crypto-focused cards have burst onto the market in recent years, but one point of difference with ZCore Finance’s product lies in what happens to the fees that are generated whenever the card is used.
Upon launch, 90% of the fees collected when third-party cryptocurrencies are deposited will be used to burn ZEFI — increasing to 100% of the fees associated with deposits for Wrapped ZCore and the ZCore token.
As a result, the more that the cards are used for everyday purchases, the more ZEFI will be burned.
The fact that ZCore Finance’s infrastructure is based on the Binance Smart Chain makes the credit card especially practical for retail use, as it will help to eliminate the high gas costs that are seen on rival blockchains such as Ethereum.
More insights from ZCore Finance here
Yield farming with real utility
Interested consumers can now put in a pre-order to get their hands on a ZCore Finance Card — and the first 1,000 orders from Brazilian citizens are free of charge.
The project says that it delivers a fast, secure and easy-to-use interface that’s based on Binance Smart Chain, which is coupled with a DApp and a mobile app for real-world utility. It’s hoped that support for BSC-compatible tokens will also provide some much-needed choice for crypto consumers.
Cards are set to start being issued at the start of May as the Know Your Customer validation process begins, paving the way for the first 1,000 physical cards to be delivered. From here on, credit card deliveries will take 60 days.
ZCore Finance’s whitepaper explains that it “does not intend to replace swap or DEX platforms, but rather to add more value to the sector through an adaptable and environmentally sustainable solution.”
The project first launched in 2018 — and has since gone on to amass thousands of members.
According to ZCore Finance’s team, combining traditional financial instruments with DeFi is going to play an instrumental role in ensuring that this sector reaches the masses. The fact that credit card users won’t need to manually convert their tokens prior to spending them is a big step in simplifying things as much as possible.
Looking further ahead on the project’s roadmap, support for NFTs is set to debut by the end of 2021 — paving the way for a governance system and a decentralized exchange in the first half of next year.
Learn more about ZCore Finance
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