Ternio, which offers scalable blockchain architecture for enterprise companies, has introduced its first product for the general public called the BlockCard.
The BlockCard is a physical debit card that allows users to spend the value of their cryptocurrency with the same ease as traditional credit cards. The card can be used online or in physical store locations, anywhere in the world major credit cards are accepted. Card holders can spend their Bitcoin (BTC-USD), Ethereum (ETH-USD), Stellar Lumens (XLM-USD) and Ternio (TERN) anywhere in the world major credit cards are accepted, according to Ternio.
“Ternio’s goal is to accelerate the use of blockchain and cryptocurrency into everyday life,” Ternio Chief Operating Officer Ian Kane said in a statement. “BlockCard enables the card holder to gain real utility from their cryptocurrency and removes the notion that crypto is only a speculative asset.”
How Does BlockCard Work?
The BlockCard currently supports four cryptocurrencies, while additional currencies will be added throughout the year, Ternio said.
Consumers holding supported cryptocurrencies can deposit them to their BlockCard account after signing up. They have the option to select between a virtual or physical card. Those who want a physical BlockCard can also select between a plastic or a metal version of the card.
The BlockCard is one of only three approved crypto debit cards in the U.S. and is the only card to support multiple cryptocurrencies. It is also the only card that enables real time spending of cryptocurrency by processing transactions via a crypto exchange.
“We want to give consumers the option on which digital asset they use to fund their BlockCard account,” Ternio CEO Daniel Gouldman stated. “Card holders decide if they want to buy a bagel with their Bitcoin or a latte with their Stellar Lumens. Most importantly, these transactions occur on digital asset exchanges, which helps to propel the crypto community.”
