First crypto debit card accepting multiple currencies introduced in the U.S.
In this recent video, Ternio Founder and CEO, Daniel Gouldman, visits an Alpharetta, Georgia office park Starbucks where he orders a medium, caramel Frappuccino. Daniel swipes his virgin BlockCard™ in its first ever transaction to the tune of $5.87 and in about six seconds, the card reader flashes, “Approved.”
No bells, whistles, or second-guessing by the terminal. No extemporaneous conversation required. By all outward appearances, this was a completely ordinary exchange. However, this actually was the first ever use of the cryptocurrency-based BlockCard™, anywhere in the world.
Quite a bit more than a cup of coffee and a single transaction are riding on the successful utilization of BlockCard™. Gouldman and his company, Ternio, have extolled the ability to process over a million transactions per second on a scalable and decentralized blockchain (“Lexicon”) framework. By contrast, Visa’s website claims it’s only “capable of handling about 24,000 transactions per second.” And, while BlockCard™ is not the only crypto-debit card, it’s currently the only one that can spend multiple currencies, including Ternio’s eponymous Ternio (TERN).
Ternio’s BlockCard™ can be used to spend your cryptocurrencies anywhere in the world major credit or debit cards are accepted. A minimum value of $100 in your wallet is required in BTC, ETH, XLM or TERN. (Non-TERNs will be converted to TERNs at the market price). The card is being rolled out in two phases, with the first phase being a contest to receive one of the first 100 cards. “The top 100 accounts with the highest amount of crypto deposited in their BlockCard account will receive their BlockCards in phase 1.”
BlockCard™ is one of the three debit cards in the U.S. accepting cryptocurrencies, and is the only one that allows users to store and use multiple currencies. The choice of metal for the card itself seems symbolically appropriate as a nod to the once upon a time currency of the precious variety.
“Ternio’s goal is to accelerate the use of blockchain and cryptocurrency into everyday life,” said Ian Kane, COO & Founder of Ternio, in the press release. “BlockCard enables the card holder to gain real utility from their cryptocurrency and removes the notion that crypto is only a speculative asset.”