Canadian cryptocurrency payments provider, NetCents, to launch its cryptocurrency credit card.
NetCents announced March 20 that it had begun edge-case scenario testing in real-world environments in order to ready the card for launch.
As our relationship with VISA continues to evolve, we've completed the next step, the technical integration of the NetCents Crypto Credit Card program into our NetCents ecosystem and real-world environment testing has begun!!https://t.co/C9hiFwWZDo pic.twitter.com/OtlnRHxYR3 — NetCents (@NetCentsHQ) March 20, 2020
The NetCents credit card promises users will not have to pre-load cryptocurrency onto their cards, differing from otherwise-similar products already on the market.
Cards which require pre-loading can sometimes rob users of crypto value appreciation they would have otherwise received in the interim between loading and spending their coins.
The NetCents card is directly tied to each user’s wallet, which allows cryptocurrency to be spent in real-time.
The company has adapted its instant settlement technology to allow merchants to convert funds into fiat at time-of-purchase. They have also integrated the NetCents exchange into their offering.
With integration of the card into its existing ecosystem complete, testing in real-world environments has begun. This is the final stage of development before public launch.
The NetCents credit card will be issued on the Visa network. It will have a chip, pin, magstripe, and near-field communication technology. Usage will be integrated into the NetCents mobile application.
Users will also be able to choose up to three spendable cryptocurrencies through the card. Initially supported cryptocurrencies will be Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC).
While the NetCents card may distinguish itself among other credit cards, it also faces competition from the crypto-banking sector. The NetCents card will initially be available to Canadian Residents.