Crypto-debit cards offer the dream of walking into any store and spending crypto with the ease of using a debit card. While possible in some regions already with other debit card solutions, this is still a much-desired technology in much of the world due to financial regulations.
TokenPay, a partner of Verge, recently came to an agreement with a German bank that will enable the trade of Verge currency for fiat at the point of sale, so merchants would be able to accept Verge as payment, even though, technically speaking, merchants would really be accepting fiat that has been provided by the German Bank partner in exchange for the Verge currency.
It will be interesting to see how this affects adoption of Verge by the market. Knowing the pitfalls that other debit solutions like TenX and Monaco have faced, it bears paying attention to this interesting work-around that Verge and TokenPay have concocted. Since the card would merely be acting as a fiat debit card at the point of sale by trading Verge with a legitimate bank when loading the card, it may avoid some of the regulatory issues of other similar solutions.
After the partnership with MindGeek that was generally panned in the cryptocurrency markets (despite being a large financial agreement that in the long term could significantly contribute to cryptocurrency adoption), it will be interesting to see how the market responds if and when the Verge-TokenPay debit card solution is released. I, for one, would love to have a functional crypto-debit card that works easily and cheaply where I live.
The days of spending purely crypto without having to resort to fiat at your average store are not here yet, but the time may be rapidly approaching.
*This is not professional trading advice - it's just my opinion!
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