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Want to pay for dinner or groceries in crypto? This Singapore-based chat app has a debit card for that
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Want to pay for dinner or groceries in crypto? This Singapore-based chat app has a debit card for that

A Singapore-based chat app is launching a debit card next month that will allow users to instantly spend the cryptocurrency they earn on the app as cash.

The app, Consentium, rewards users with Consentium Coins  – which are based off Ethereum, a popular cryptocurrency – when they create groups and communities on the app.

The platform, which launched in March last year with funding of US$10 million, allows cryptocurrency transfers between its 40,000 active users.

Consentium said in a statement on Friday  (June 7) that it is offering the card to improve the liquidity of its coins.

The card will work like a typical debit card, and will be accepted at “many” retailers with card payment options across Asia.

It will also allow users to withdraw cryptocurrency as cash at supported ATMs.

During a payment, the card will use global payment company Blucon’s payment platform to connect the user’s bank to a cryptocurrency exchange.

Blucon said in a statement on May 23 that it expected to receive US$5 million worth of investments through the Consentium community.

Meanwhile, Consentium said it will start testing the debit cards this month, and they will be available from mid-July onwards.

The company is also working on a second card for transport payments.

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