This beta program is open to Canadian residents that hold Bitcoin, Litecoin, Ether and Bitcoin Cash. Users will need to sign up for a NetCents user account at https://net-cents.com/credit-card-beta to be eligible.
NetCents expects the beta period will last for four to eight weeks and upon its successful completion, the credit card program will be rolled out to all Canadian users.
The NetCents card will be able to be used where Visa is accepted at over 40 million merchants.
Once the program has been introduced in Canada, Net Cents will launch the credit card to European cryptocurrency holders.
Unlike other prepaid cryptocurrency cards, NetCents cardholders will not have to pre-load cryptocurrency onto their card, which eliminates the risk of the value of the cryptocurrency fluctuating between the time the user loads it and when they spend it.
The NetCents card will be tied directly to users’ NetCents wallets, allowing cardholders to directly spend the cryptocurrency in their wallet.
Users will be able to select up to three cryptocurrencies that they would like to be able to spend on their card. Like most standard credit cards, the Net Cents card will have chips and magnetic stripes and require pins.
NetCents will be adapting its merchant Instant Settlement technology to convert funds from cryptocurrency to fiat currency for real-time purchasing and merchant payouts. This will allow users to spend their cryptocurrency anywhere Visa is accepted.
NetCents is an online payment processing platform, offering consumers and merchants online services for managing electronic payments. The company is focused on capturing the migration from cash to digital currency by utilizing blockchain technology.
NetCents shares traded 4% higher to hit C$0.80 in Thursday’s morning trading session.
Contact Ellen Kelleher at [email protected]