Unbanked Inc launches its crypto payment card in the UK and European countries

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Unbanked has partnered with Moorwand to allow its customers to spend their digital assets at different merchants.

Global blockchain-based fintech platform Unbanked has announced the launch of its new crypto payment card to eligible players in the UK and other parts of Europe.

This development comes at a time when the broader cryptocurrency market is going through a difficult phase. But Unbanked is confident about its new crypto card program that seeks to bridge traditional banking products with blockchain.

To provide its crypto payment card services, Unbanked has partnered with Moorwand. Together, they will allow customers to spend their digital assets through this approved program. Residents of European countries and the United Kingdom can register their interests with a user account on Unbanked.com.

Moreover, they can deposit their digital assets and upon approval, they will also receive a card for their spending. Speaking on the development, Daniel Gouldman, co-founder and co-CEO of Unbanked said:

“We have been working for more than two years on building this exciting solution to bring the non-bank card to interested users in Europe. It’s great to know that with this launch, we will be able to provide residents of the UK and parts of Europe with access to one of the most innovative crypto cards on the market.

Unbanked offers support for 15 cryptocurrencies

Unbanked cardholders will be able to fund their accounts with 15 different cryptocurrencies. This includes BTC, ETH, UNI, XLM, and UNBNK. Additionally, all crypto funds will be linked to a crypto card issued by Moorwand.

As a result, users will be able to easily convert their digital assets to fiat in real time at different merchants wherever cards are accepted. In addition, the Unbanked card will also offer its holders a unique set of financial, payment and crypto services with better accessibility and use of digital assets.

Founded in 2018, Unbanked works on the core philosophy of greater financial access and control. It connects traditional businesses and banking systems with blockchain infrastructure and fintech to extend the usability of digital assets for investment as well as everyday purposes.

Unbanked offers its financial products and services to all classes – banked, unbanked and underbanked. In the past four years of its inception, Unbanked has served hundreds of thousands of customers. It is also backed by a community of investors who use its products.

Some of the biggest Web3 brands such as Litecoin Foundation, Nexo, StormX, Stacks, use Unbanked’s infrastructure with key aspects such as security, privacy and compliance. This also makes the Unbanked platform ideal for global cryptocurrency adoption.

About Unbanked and its native token UNBNK

Founded in 2018, Unbanked is an SEC-registered company that connects traditional banking and other legacy financial services with DeFi and cryptocurrencies. The company has largely focused on making crypto-enabled financial services globally accessible.

Unbankeds technology is fully licensed and used by some of the major Web3 organizations such as Litecoin Foundation, StormX, Nexo, Stacks and others.

Interestingly, Unbank also has its native UNBNK token currently residing on the Ethereum and Stellar blockchain networks. Unbank balances assets between the two chains using a mint burn mechanism. Users can trade these UNBNK tokens 1:1 between chains on unbanked.com.

The UNBNK token serves as the base usable asset on Unbank debit cards. Whenever people deposit digital assets like Bitcoin, they are converted into UNBNK and held on the card until spent. Additionally, users can also stake their UNBNK to earn 1-6% spent card rewards.

Tokenomics UNBNK

The UNBNK token comes with a maximum supply of 1 billion. This token is deflationary in the sense that people who remove UNBNK from the unbanked.com dashboard must pay a 2% deflationary fee.

As a result, UNBNK’s maximum supply will decrease over time. Also, as more people sign up for the Unbak debit card, the demand for the UNBNK token would increase.

Now, if cardholders chose to stake and lock their UNBNK holdings for card rewards, it would create further scarcity. Similarly, those who remove UNBNK from the platform to trade it will see 2% of tokens burned over time, resulting in greater scarcity. This is the ultimate bull case for the UNBNK token. Explaining the scenario of the banking case, Unbank noted:

UNBNK is held on the card and sold when cardholders use the debit card to purchase something. If a deposit of BTC to the card is a purchase of UNBNK, then a swipe of the debit card is a sale of UNBNK as it is converted into USD at the merchant. If there isn’t enough card adoption, spending can outweigh demand, leading to more selling pressure than buying pressure.

Note that Unbank works directly with banks and card networks such as Visa. Additionally, they are also the program manager for Mastercard and also launched AMEX’s first NFT card.

As of now, users can access the UNBNK token on decentralized exchanges like Uniswap, Sushiswap, and Lumenswap.

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Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrency. He is continually in a learning process and motivates himself by sharing his acquired knowledge. In his spare time, he reads thrillers and occasionally explores his cooking skills.

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