Global cryptocurrency card provider FuzeX has partnered with Energi Mine, the UK-based blockchain energy company, to provide the next generation of electronic debit card to consumers.
For the first time, holders of cryptocurrencies will be able to view their balance from a credit card sized physical e-card, and then spend it as a payment currency using a EMV-compatible card.
Cryptocurrencies, including Bitcoin and Ethereum, share all the characteristics of ‘money’ except for the one most crucial for widespread adoption – the ability to access and spend cryptocurrencies at merchants and retailers as quickly and easily as regular cash.
Korea-based FuzeX has developed a new type of electronic payment card that allows for the instant spending of cryptocurrencies at merchants, using an electronic credit-card sized device. In the near future, this card will also hold the details of the user’s existing regular credit and debit cards. It is partnering with UK-based Energi Mine, the blockchain company looking to financially reward energy saving behaviour. The partnership will allow Energi Mine’s users to spend EnergiTokens (ETK) earned for their energy saving behaviour from using energy saving white goods, to using low carbon public transport.
Andrew Bae, CEO at FuzeX said: “FuzeX caters to a new generation of crypto-enthusiasts, those who wish to keep all their assets in cryptocurrencies and who shun regular banks. It gives them the ability to make purchases at merchants without having to hold fiat currencies.”
The FuzeX card contains an EMV chip, which enables it to be used like any other debit or credit card at merchants and retailers to pay for purchases in local currency. However, the difference is that behind the scenes, payments are automatically routed to partner crypto exchanges and instantly debited from users’ cryptocurrency balances.
Andrew Bae continued: “Our partnership with Energi Mine represents the next step in creating a cryptocurrency ecosystem around the FuzeX card. One that will allow consumers to seamlessly spend all cryptocurrencies at merchants. We’re thrilled to be working with the Energi Mine team and look forward to supporting its vision of a decentralised energy market, while offering its customers a new way to use their EnergiTokens.”
The FuzeX Card is identical in size and thickness to a standard debit or credit card. It contains an EMV chip, a dynamic magnetic strip, an e-paper display and three input/option buttons, allowing users to physically see the balance of their cryptocurrency accounts before spending.
Omar Rahim CEO of Energi Mine said: “Our partnership with FuzeX will allow EnergiToken holders to spend their tokens in a way that feels intuitive and natural. This is a perfect practical example of Energi Mine’s effort to make saving energy behaviour as rewarding as possible. Users will be able to spend their ETK on whatever they want, removing one of the most significant barriers to true cryptocurrency utility.”
In the UK, FuzeX’s offering is made possible by the country’s Open Banking regulations. Traditional banks are now required to let their customers safely share account data with third parties like FuzeX, providing them with “read only” access to customers’ accounts. This effectively makes banks responsible for underwriting their customers data security and allows third parties to aggregate account data into a single view or service.
The Open Banking regulations and changing consumer banking trends, particularly among millennials, together signal that there is an appetite for the convenience offered by an all in one card like FuzeX. While aggregator cards like Curve are proving successful as all-in-one card options, they lack the ability to effectively bridge the normally segregated crypto and fiat currency markets. This is something that the FuzeX card does as part of its objective to make cryptocurrency more viable as a legitimate currency alternative.