The service provides for the release of cryptocurrency cards - bank cards with a full range of features, such as PayPass, tied to multi-currency crypto-wallets. With the help of crypto cards, you can pay for goods and services, receive cash in ATMs.
The user's funds can be stored in one or several cryptocurrencies. When paying or withdrawing money from the account, a choice of crypto currencies is made in accordance with the priorities indicated by the user and the the most favorable exchange rate.
Crypto cards are issued jointly with partner banks, which provide accounts to service customers. Banks provide legality of operations and execution of KYC & AML procedures, but they only work with fiat currencies.
As a result of integrating banking services into CRYPTOCEAN, it is possible to automatically exchange any cryptocurrencies for fiat money in the user's multicurrency crypto wallet. Using the service while converting the cryptocurrency makes the commission lower due to the choice of the best method of exchange. From the point of view of the bank, the client only works with fiat money. All crypto-exchange transactions are handled on the side and under the CRYPTOCEAN license.
Checking the balance and operations on the card as well as transfers and payments can be done using the service interface - web, mobile and PC app. The bank carries out payments via Visa, MasterCard, UnionPay or similar payment systems.
The service users are:
Individuals and companies using crypto cards issued by the service and the partner bank;
Partner banks issuing cards together with the service profit on commissions and on the remaining funds on the card accounts; Payment systems and banks that accept/conduct payments on issued cards (profit on commissions for payment servicing).
The cases (usage options) are:
Payment with a card for goods and services from the partner bank account;
Payment with a card for goods and services with cryptocurrency from the service wallets;
Cash withdrawal through the ATM of the partner bank or from other banks’ ATMs;
Depositing cash through the ATM of the partner bank or from other banks’ ATMs; View the balance/transactions on the card on the mobile service application.
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