MedeTrade, an online cryptocurrency exchange, has now made Dash available for use with its Visa cryptocurrency debit and credit card.
[tweet https://twitter.com/medetrade/status/1205546373745004545 align=’right’]
Announced last week, the MedeTrade Visa card, is issued via Bank of Valletta in Malta and accepted worldwide, is now available to Dash users, offering both a verified and unverified version with higher transaction and withdrawal limits for the verified version. Users can deposit Dash into the service’s wallet, which are then available to be spent by the card. Additionally, the card offers a crypto-back spending incentive with each purchase earning up to 3% BTC back on all in-store purchases. Finally, in addition to serving as a debit card enabling Dash users to spend their funds more easily worldwide, the MedeTrade card also has a credit option, offering verified users a line of credit of up to €700 on the card. This allows users to have more flexibility in when to convert their cryptocurrency into fiat currency for payments.
Using cards to solve short-term adoption issues
In addition to the MedeTrade cryptocurrency debit card, Dash has been integrated into numerous cryptocurrency debit cards and gift card for cryptocurrency providers to spread Dash’s usability and increase Dash’s appeal to consumers. This is particularly useful as a bridge between Dash users and retail merchants who may not yet accept cryptocurrency payments directly.
Multiple consumer surveys around cryptocurrency adoption that have yielded different results, but overall, the mixed insights show that cryptocurrency adoption is still lackluster. A 2019 study by Statista show that Turkey has the largest adoption with 20% of respondents claiming to own cryptocurrency, followed by Brazil and Colombia with 18% for each country. However, another study by GlobalWebIndex shows that for 16-64 years olds, South Africa has the largest adoption rate at 10.7% with Thailand having 9.9% adoption rate. The large discrepancy not only shows unreliability of data sampled, but that cryptocurrency adoption is still comparatively low after 10 years and relatively significant media attention during the 2017/2018 price boom. However, many consumers may still want to buy and use cryptocurrency, and will seek to leverage services such as cryptocurrency debit cards.