Singapore, Singapore, Sept. 23, 2022 (GLOBE NEWSWIRE) — SolSwipe protocol has announced the launch of its new decentralized debit card. The card is the first in the world to be loaded directly from cold and hot wallets, as well as the first Solana debit card to enable Web3 reloading with Phantom, a Solana-based wallet designed for decentralized finance (Defi) and non-fungible tokens (NFTs).
The debit card is designed for simplicity and supports SOL/USDC as well as other major networks such as Ethereum (ETH) and Binance Smart Chain (BSC). It allows access to over 200 countries in the world with lower fees than most other crypto debit cards. SolSwipe’s groundbreaking card is accessible worldwide and can be used for digital purchases, at a physical point of sale (POS), or on any Visa-compatible ATM.
SolSwipe NFTs sold out within seconds of launch
SolSwap sold all of their NFTs collection (6666 NFTs) in a matter of seconds. Holders will be eligible for special bonuses generated out of a percentage (up to 20%) of the royalties and loading fees paid, as well as reduced transfer fees up to (5%) which will be claimed through the reward system. Other benefits for NFT holders include cryptocurrency or NFT airdrops and premium metal SolSwipe debit card redemption.
SolSwipe is expected to facilitate an airdrop this month that will solely benefit SolSwipe NFT holders.
The introduction of the SolSwipe card marks an excellent moment, as more and more individuals are seeking decentralized alternatives. The recent concerns about the stability of traditional financial institutions serve to underscore this fact. SolSwipe’s direct-load function and low fees make it a great choice for those who want to use cryptocurrency for everyday purchases.
SolSwipe & Its Solana Debit Card Expecting Large Adoption
The SolSwipe team is upbeat about the new card’s prospects, and they’ve outlined their future plans. In 1-2 months, debit cards will be available on a variety of networks. Additionally, debit cards will be able to connect directly with users’ MetaMask wallets, allowing them to load up from BNB and ETH chains with a few clicks. The team is also investigating the possibility of allowing users to stake their cryptocurrencies to earn rewards, which would be a first for debit cards.
The company predicts that by the end of their efforts to get mass adoption, which will last 6-12 months, they aim to accumulate between 50k and 200k card users. As part of a partnerships campaign, SolSwipe also intends to collaborate with market leaders to white-label their own brand of SolSwipe debit cards. All in all, it seems that the team is off to a great start and has ambitious plans for the future.
SolSwipe is not bound by legal or regulatory constraints because it provides debit cards, which are not subject to the same regulations as cryptocurrency exchanges. As a result, the platform sets out to accomplish what most exchanges cannot achieve. SolSwipe is also in collaboration with the Laos JDB Bank, which has one of six Crypto licenses issued by the country’s regulator. The bank has been in operation since 1989
An additional benefit to using the SolSwipe card is that SolSwipe never has access to any of your funds- they are stored in a cold wallet under your own possession. This decreases the risk of hacking significantly. Furthermore, the assets are converted into USD and then loaded onto the debit card. The entire process is manual and takes 12-24 hours to reduce hacks and other vulnerabilities.
SolSwipe Protocol has three available tiers: black, silver, and gold. The black tier is a standard plastic card while the silver and gold tiers are manufactured metal cards. Metal cardholders (silver and gold tiers) are eligible for lower fees and higher load caps. All of these cards are supported by Visa and UnionPay.
The SolSwipe debit card is exclusively available through SolSwipe’s official website. To obtain the card, users must go through a KYC (know your customer) process with the bank. As soon as the user provides their personal information to the bank, it will be transmitted directly to the bank and SolSwipe will not have access to the information. After being verified, the cardholder will receive their new debit card in the mail at their specified address.
Instructions on obtaining a SolSwipe card can be found on the project’s website.
Jon, the project’s founder, and co-founder Jammy leads a group with substantial experience in standard finances, blockchain technology, and marketing. For 10 years now, Jon has been an entrepreneur and created various startups. Furthermore, he has fundraised and scaled multiple companies while also currently running a digital marketing agency focused on web 3 technologies enhanced by products like SolSwipe that operate within the Solana space.
The SolSwipe protocol marks the day cryptocurrency truly embraces decentralization. Solana users will finally have access to use their cryptocurrency, in the form of a debit card, without the hassle of sending cryptocurrency through major exchanges. SolSwipe users will receive their very own unique SolSwipe debit card. Users will connect their personal Solana/Ethereum wallet to SolSwipe and load their SolSwipe wallet. This enables instant usage of the debit card; anywhere at any time in over 200+ countries in the world. The SolSwipe debit card acts like any other debit card; use it for your bills, food, gas, and online shopping.