Cryptocurrencies in Australia have made another big step into the mainstream. The Australian Stock Exchange myCryptoWallet has launched the myCryptoCard card, with the help of which consumers can spend cryptocurrency in a million stores and withdraw money through 30,000 ATMs.
Based in Melbourne, myCryptoWallet is a digital currency service and marketplace that offers fiat-to-crypto and crypto-to-crypto trading. Platform users can instantly buy and sell five popular cryptocurrencies, or trade coins and tokens on a live peer-to-peer digital marketplace. A member of the Australian Digital Commerce Association (ADCA), myCryptoWallet doesn’t charge any fees on withdrawals made in AUD or New Zealand dollars (NZD) and also assures customers that all wallet storage is completely insured.
myCryptoCard will allow you to use the five main cryptocurrencies anywhere in Australia, which is connected to the universal payment network of Australia EFTPOS. When withdrawing money from ATMs, the amount is simply deducted from the user’s cryptocurrency balance on the myCryptoWallet exchange. Cards work the same way as debit cards of large banks.
Unlike other cryptocurrency cards, myCryptoCard is not limited to bitcoins (BTC) – it is possible to use ether (ETH), litecoin, Ripple (XRP)and Power Ledger (POWR).
Interestingly, in the near future, myCryptoWallet also plans to add 50 new coins, and dozens of additional cryptocurrencies may soon get into the mainstream.
myCryptoCard has no fees for depositing funds, using them on purchases and withdrawals, and this seems to put an end to the frustrations associated with the actual use of digital currencies. myCryptoWallet CEO Jarid Koenigsmann says that this “will help bridge the gap between crypto and the mainstream,” and that consumers will be able to use the coins “the way they like getting rid of exchange commissions.”
myCryptoCard cards are linked to user accounts on the myCryptoWallet exchange, and the cost of purchases in Australian dollars is simply converted at the rate of cryptocurrency at the time of sale. myCryptoWallet has also recently introduced a zero commission for trading cryptocurrencies. Australians can receive the card within two weeks by sending a request via myCryptoWallet. It is also attractive that myCryptoWallet decided to distribute the first three thousand cards for free.