It is a good news that a Fintech will offer a debit card using crypto currency as deposit.
This only means that more and more businesses are getting aware of bitcoin's use and
existence. But I think it would be better if the debit card will not convert the crypto
currency to sterling after the deposit right away but convert it once they swipe the card
for a purchase by doing so it still keeps the sense of having a card with crypto currency on it.
Topic: [2017-11-17] UK FinTech to Launch a Bitcoin Visa Debit Card (Read 3954 times)
It's a bit of a funny situation for me. I agree that UK has one of the most conservative (as opposed to liberal) financial systems in Europe, but I think also one of the most open (as opposed to closed). Remember this simply means that they may never want to relinquish the state's role in regulation and overseeing of markets, but it is certainly open to new ideas and innovation. Despite or perhaps because of its membership in the single European market, it has been forced to renew itself as a major fin tech hub, with all the technology parks and incubators littering the British landscape.
UK is also where a lot of so-called neo banks have opened up in the past 4 years, in Scotland, Ireland and England - and these will be the first to incorporate cryptocurrency, while possessing banking licenses. The time is near for a true Bitcoin debit card to come up, and with its withdrawal from EU, this may make it even more attractive, arguably even more necessary.
UK is also where a lot of so-called neo banks have opened up in the past 4 years, in Scotland, Ireland and England - and these will be the first to incorporate cryptocurrency, while possessing banking licenses. The time is near for a true Bitcoin debit card to come up, and with its withdrawal from EU, this may make it even more attractive, arguably even more necessary.
This is good news for people willing to spend their bitcoins. The 0.5% fees on conversion sounds good. The only point is that they don't specify what exchange rate they will use to convert. If it is some index linked exchange rate, then nothing like it.
England is one of the most conservative countries in Europe in the field of finance and the fact that the infrastructure for exchanging crypto currency in fiat, as well as bitcoin, Ethereum, litecoin, ripple and monero with each other via Visa debit card is very good, as it will clearly show advantages circulation of crypto currency in comparison with usual money. In turn, this will have a positive effect on other European countries.
it will be like normal prepaid cards that support bitcoin or will add new things 
A London-startup headed by a Credit Suisse veteran is launching a new debit card that it claims will allow people to spend cryptocurrencies across the UK.
The London Block Exchange (LBX) launched on Tuesday. It plans to launch a sterling-to-cryptocurrency exchange and a prepaid Visa debit card, dubbed "Dragoncard," that will allow people to convert bitcoin, ethereum, ripple, litecoin and monero to sterling and spend it across the UK. The startup plans to add more cryptocurrencies in future.
The Visa card, which will be issued by Gibraltar-based pre-paid card provider Wavecrest, will be linked to an app that allows users to buy and hold cryptocurrencies through the LBX exchange. Customers will also be able to withdraw money using the card. Cryptocurrencies will be converted to sterling at the time of withdrawal.
LBX CEO and founder Ben Dives said in a statement: "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."
LBX has so far raised £2 million from a consortium of private investors who the company declined to name. Prior to setting up LBX earlier this year, Dives founded brainstorming tool Ideaflip.
Ex-Credit Suisse and UBS banker Adam Bryant serves as LBX's executive chairman. Bryant spent 18 years at Credit Suisse and almost two years at UBS before joining LBX, running the macro hedge fund teams at both banks.
Bryant said in a statement: "We’re offering a grown up and robust experience for those who wish to safely and easily understand and invest in digital currencies. We’re confident we’ll transform this market in the UK and will become the leading cryptocurrency and blockchain consultancy for institutional investors and consumers alike."
Customers will be charged a 0.5% for buying and selling cryptocurrencies on its platform and the Dragoncard has an up-front fee of £20. LBX says card provider Wavecrest will also charge a small fee for ATM withdrawals.
LBX's launch coincides with an explosion of interest in cryptocurrency in 2017. Bitcoin has rocketed over 500% so far this year and the total cryptocurrency market has ballooned to close to $200 billion thanks to the popularity of "initial coin offerings," where startups issue digital coins as a way of raising money.
While LBX is one of the first companies to offer a cryptocurrency card in the UK, it is likely to soon face competition. Revolut, the well-funded foreign exchange startup, is developing cryptocurrency trading capacities within its app and may well let consumers spend the currencies on its prepaid card.
http://uk.businessinsider.com/london-block-exchange-launches-prepaid-cryptocurrency-debit-card-2017-11
The London Block Exchange (LBX) launched on Tuesday. It plans to launch a sterling-to-cryptocurrency exchange and a prepaid Visa debit card, dubbed "Dragoncard," that will allow people to convert bitcoin, ethereum, ripple, litecoin and monero to sterling and spend it across the UK. The startup plans to add more cryptocurrencies in future.
The Visa card, which will be issued by Gibraltar-based pre-paid card provider Wavecrest, will be linked to an app that allows users to buy and hold cryptocurrencies through the LBX exchange. Customers will also be able to withdraw money using the card. Cryptocurrencies will be converted to sterling at the time of withdrawal.
LBX CEO and founder Ben Dives said in a statement: "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."
LBX has so far raised £2 million from a consortium of private investors who the company declined to name. Prior to setting up LBX earlier this year, Dives founded brainstorming tool Ideaflip.
Ex-Credit Suisse and UBS banker Adam Bryant serves as LBX's executive chairman. Bryant spent 18 years at Credit Suisse and almost two years at UBS before joining LBX, running the macro hedge fund teams at both banks.
Bryant said in a statement: "We’re offering a grown up and robust experience for those who wish to safely and easily understand and invest in digital currencies. We’re confident we’ll transform this market in the UK and will become the leading cryptocurrency and blockchain consultancy for institutional investors and consumers alike."
Customers will be charged a 0.5% for buying and selling cryptocurrencies on its platform and the Dragoncard has an up-front fee of £20. LBX says card provider Wavecrest will also charge a small fee for ATM withdrawals.
LBX's launch coincides with an explosion of interest in cryptocurrency in 2017. Bitcoin has rocketed over 500% so far this year and the total cryptocurrency market has ballooned to close to $200 billion thanks to the popularity of "initial coin offerings," where startups issue digital coins as a way of raising money.
While LBX is one of the first companies to offer a cryptocurrency card in the UK, it is likely to soon face competition. Revolut, the well-funded foreign exchange startup, is developing cryptocurrency trading capacities within its app and may well let consumers spend the currencies on its prepaid card.
http://uk.businessinsider.com/london-block-exchange-launches-prepaid-cryptocurrency-debit-card-2017-11
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