Australian cryptocurrency Power Ledger was never designed as a means to buy groceries, but along with XRP, Ethereum, Litecoin and Bitcoin it’s now almost as good as cash in Australia.
myCryptoWallet, a cryptocurrency exchange, has launched the mCryptoCard, which enables shoppers to spend any of the five cryptocurrencies where EFTPOS (the nation’s universal payment network) is accepted.
According to the company, that means those coins can now be used at one million locations and 30,000 ATMs across the country.
How does it work?
myCryptoCards are linked to a user’s account on the myCryptoWallet exchange, which can hold Bitcoin, Ethereum, Ripple, Litecoin and Power Ledger cryptocurrencies.
Point of sale purchases in Australian dollars are simply converted based on cryptocurrency prices at the moment of sale.
When used to withdraw cash at ATMs, the amount is simply deducted from the user’s cryptocurrency balance on the myCryptoWallet platform.
The application process is done entirely online via the myCryptoWallet website, with the card delivered within two weeks.
Is this new?
The company says it has a point of difference to most cryptocurrency cards because it is not limited to just Bitcoin and there are no fees to load, spend or withdraw using myCryptoCard.
There are also plans to add 50 news coins to the myCryptoWallet platform in the near-term, which means it’s likely to become possible to spend more that just the five cryptocurrencies.
myCryptoWallet CEO Jaryd Koenigsmann says the new card is another step towards mainstream adoption of cryptocurrency in Australia.
“We’re taking a big step to make cryptocurrency a bigger part of offline daily life,” he said.
“Whether it’s a cup of coffee, groceries or new pair of jeans, Australians can now pay in crypto with the myCryptoCard.
“The cards mean consumers have flexibility to use crypto where, how and when they like, and do away with so many of the fees that come about when exchanging back and forth between crypto and fiat.”