PrivacySwap’s vision is happening: Crypto cards to connect digital assets to the real world
The main reason for the existence of cryptocurrency is to provide what banks can offer without the need for multiple verifications. It also aims to provide a trading experience with very little starting capital. These features separate blockchain from real-world finance. However, as more people start to use and engage with the technology, more people are hoping to make crypto easily transferable and transactive in real-world finance. After a few years of waiting, it is coming to fruition.
During a conversation with the Codego CEO Simone Binotto Torre at the Blockchain Economy Dubai Summit 2022, the executive argued that one of the driving forces behind broader adoption is the ability to make purchases with your cryptocurrency using a credit or debit card.
Despite the proliferation of Web3 use cases in the space, Torre believes that the ability to spend crypto to make purchases at physical stores and shops is still one of the most essential applications for digital assets.
The executive stated that it is critical for holders to be able to easily purchase goods and services with crypto and that the team wanted to focus on developing a banking platform that allows cards to automatically convert crypto into fiat. He stated:
“This is significant because users can spend money in real life.” Of course, we build this link between the crypto virtual asset world and the real one.”
Aside from crypto cards, the executive discussed the current state of the crypto space and urged the community to be patient during this period. Torre believes that patience is essential when investing during a bear market. He elaborated:
“In my opinion, the original concept of cryptocurrency, which was to invest and then keep, has been lost. People want to speculate, but I believe that now is the time to invest and be patient.”
When asked about the current situation, Torre responded that there are still many limitations for crypto card providers in the blockchain space. He explained that some factors, such as geography, can make it difficult for crypto cards to gain widespread adoption.
The executive also emphasized the importance of crypto cards supporting smaller cryptocurrencies rather than just big names like Bitcoin BTC Ether ETH and Solana’s SOL token. Torre believes this will allow users to spend lesser-known cryptocurrencies while keeping the more popular ones they don’t want to lose.
Moreover, cryptocurrencies’ prices had significantly decreased this year. However, that does not stop crypto developers to build platforms and features that could help recuperate the token prices.
In line with that, PrivacySwap is also continuously working on improving its features. We acknowledge the lack of movement in our price and the delays. However, since we always ensure security and safety, we always want to ensure that everything is smoothly as expected.
For your reference here are some of the features we added and will add to our platform soon.
ERC20 Integration. We had added the ERC20 token to our platform. This is to ensure that we could cater to more users. Blockchain technology does not only revolve on one token standard. Hence, adding the other available token standards one by one could broaden the scope of our service.
PrivacyCards. We are continuously upgrading our PrivacyCard to ensure that more people could use our cards. We removed the staking requirements and we had a major revamp with the design of the cards to have a sleeker and much more updated look.
Affiliate System. Our affiliate Systems also experience constant updates to ensure that every user can earn passively through referrals. In addition, we also ensure that the platform for this feature will run smoothly.
Whitelabel. Lastly, the Whitelabel. We are in an ongoing discussion with more platforms to, again, broaden the scope of our service. We aim to help other platforms have their own crypto card to allow more crypto users to withdraw their funds easily and be much more affordable.
Despite the declining price of the cryptocurrency, platforms like PrivacySwap are continuously creating innovations, not just to recuperate but to ensure that the technology is continuously improving. In that regard, the space still provides new features every day. Without a doubt, someday crypto-to-fiat transactions would be feasible, and we want everyone to see and experience that.