Spend will now enable Dash users to spend their cryptocurrency at over 40 million merchants by utilizing the Spend App and crypto ATM VISA card.
[tweet https://twitter.com/SpendCard/status/1095449266527657984 align=’right’] Spend offers three types of VISA crypto ATM card services that each offer escalating features; Spend Simple, Spend Preferred, and Spend Black.
- Spend Simple:
$500 USD Daily Limit, Card Security Features, Virtual & Physical Card, 24/7 Support, 0.2% Card Rewards Back, 0.3% Wallet Rewards Back
- Spend Preferred:
$5,000 USD Daily Limit, Card Security Features, Virtual & Physical Card, 24/7 Support, 1% Card Rewards Back, 1% Wallet Rewards Back, Up to $5,000 Referral Rewards, Access to Spend VIP
- Spend Black:
$10,000 USD Daily Limit, Card Security Features, Virtual & Physical Card, 24/7 Support, 3% Card Rewards Back, 2% Wallet Rewards Back, Up to $10,000 Referral Rewards, Access to Spend VIP Elite, Limited Metal Black Card
After consumers complete a verification process, their card is shipped to them and they can link the card to the app with Dash and other cryptocurrencies. Users are also free to use the Spend app and card linked or not linked to a bank account. Additionally, the Spend wallet allows consumers to buy over 16 cryptocurrencies within the app and can also convert their cryptocurrency holdings to USD, CAD, or EUR.
Struggling growth of cryptocurrency ATM cards
Cryptocurrency ATM cards are nothing new since many have tried to be implemented before, including many that have utilized Dash. However, many of these cards do not find huge amounts of success and some even fail. Some of the cards that have implemented Dash include Charlie Shrem’s Dash Pay card, TenX, Wirex, Payza, Paycent, and FuzeX. The Dash Pay card was one of the first to venture into this territory, but unfortunately, never got created. TenX, Wirex, and Payza then came about, but have not seen widespread rollout nor adoption. Paycent and FuzeX are the two other most recent and most hopeful cryptocurrency ATM cards on the market today.
These cryptocurrency ATM cards have become very popular since they allow consumers to reap the benefits of cryptocurrency at merchants that accept crypto directly, but also still be usable at other merchants that only use old school POS devices. Unfortunately, these ATM cards are not easy to setup due to the various money transmitter and banking regulation laws that they fall under. Thus, cards have seen a slow rollout, have only been available in certain jurisdictions, and/or end up failing. Additionally, due to the large setup costs, they often have expensive costs for the physical card, membership fees, and/or spending limitations.
Mass adoption helps bypass old tech
A great alternative to having to rely on the success of these crypto ATM cards that do not have a great success record is to simply have merchants accept cryptocurrency directly. While this is a slower process and requires a lot of on-the-ground effort to get merchants setup and continuously using cryptocurrency, it does have the ability for stronger long-term adoption effects since it is creating a community network of cryptocurrency users.
[tweet https://twitter.com/StayDashy/status/1093230710520008704 align=’left’] Dash has been working on this strategy for a while by funding community outreach groups via the DAO Treasury so they can focus on getting more adoption and building communities. Groups such as Dash Colombia running Dash Invites, Dash Thailand focusing on fun events, and others are helping to build a sustainable community. Dash already has over 4,800 merchants accepting Dash around the world and is helping consumers find these merchants through the DiscoverDash service. As more merchants adopt Dash and more consumers use Dash, network effects will begin to take effect, which will lessen the transitional need for crypto ATM cards.