Spend is a vision which helps the unbanked deposit money and utilises it through their visa cards. They have recently announced an all in one banking wallet application for Cryptocurrency enthusiasts.
Spend currently available for citizens in Canada, and the U.S. allows them to sign up for the Spend wallet and utilise their cryptocurrency. The Cryptocurrency is converted to the legal fiat currency through the Spend Authorization Engine (SAE) which is then spent through the Spend Visa Card.
It also allows for cross-border transactions by enabling the conversion of supported fiat currency, hence allowing funds to be sent to over 180 countries.
Spend overall is user-friendly with the added benefit of Cryptocurrencies being used from the Spend Visa Card as and when needed.
Spend is a Cryptocurrency Fintech created in 2017 with the primary goal of helping digital banking and financial solutions for users worldwide. With the multi-currency option which includes Cryptocurrencies, it allows various ways to spend funds.
The ‘lend by spend’ tool allows users to use Cryptocurrency assets without selling the asset. Clients can collateralize short-term loans against Cryptocurrency that is held. The calculation is an 80% Loan-To-Market Value (LVTM) against any digital asset.
Overall it’s a simple digital wallet that enables you a Visa card so that payments in Cryptocurrency can be made easier. It’s like a digital Crypto bank with digital currency friendly services.
Recently AriseBank got caught in a scam of lying to investors on their partnership with Visa, thus being charged $2.7 million. Spend on the other hand as valid agreement with Visa as the cards are already seen to be available on the site.
Spend is pretty similar to BitPay. However, you have to load the Visa card in BitPay. Spend’s card, on the other hand, is linked to your digital wallet.
Spend Wallet’s official Twitter handle tweeted it best by portraying a movie ticket can be bought using 0.22 ETH by using their wallet.
Night at the movies 💳Price: .22 ETH
By downloading the Spend #Wallet™ and using the Spend #Visa® #Card, you can instantly #exchange your #cryptocurrency into #fiat #currency that can be use anywhere visa is accepted. It’s finally easy to #Spend™! pic.twitter.com/JklLwLKmts
— Spend.com (@SpendCard) December 8, 2018
Image Source – Pixabay
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