A new debit card, the Centra Card, will allow users to spend their cryptocurrency holdings into fiat currencies. This will be an important step for cryptocurrencies to reach the mainstream and legitimize their use as alternative forms of money.
Importantly, Centra will be partnering with Visa and MasterCard so that cardholders can use their cards internationally wherever these brands are accepted. American customers will use Visa whereas international customers will use MasterCard. Customers will be able to use bitcoin, Ethereum, Litecoin, Ripple, Monero, DASH, Zcash, and ERC20 compatible coins, with more currencies in the pipeline to be used with the Centra Card in the future.
To reassure customers, the Centra Card will be insured against physical theft and hacking. There have been several high-profile cases of hacking attacks involving the theft of cryptocurrencies, so Centra will take countermeasures to protect the company and customers. As an example, Centra will hold less than one percent of customer funds online, with the rest being stored securely offline. This will ensure there is liquidity for day to day operations while protecting customer assets.
Centra will also create an online marketplace for its customers referred to as cBay, which will compete against Amazon and eBay by catering to owners of cryptocurrencies. Currently, while the ownership of cryptocurrencies is growing exponentially, many merchants are reluctant to accept them as payment. By becoming among the first to accommodate these customers, cBay has the potential to build a community and network that will take market share from traditional online retailers. cBay will begin by offering over 100,000 items of different categories for sale, and will gradually expand product offerings. cBay will also offer a 30 day money-back guarantee on the return list.
Centra will provide an app for customers allowing them to set spending and withdrawal limits on their mobile devices. In addition, customers will be able to see how their account balance, their portfolio of cryptocurrencies, and their transaction history. There will also be customer support available 24 hours, 7 days a week, as with traditional credit cards. Moreover, there will be various cards available to fit the profile and preferences of customers, giving customers services tailored to their unique needs. Customers can also decide if they want a physical or virtual card through their app.
The conversion of cryptocurrency to fiat currency when using the card will be in real-time and with zero cost. By converting cryptocurrencies to fiat currencies at no cost, Centra can potentially take market share from cryptocurrency exchanges and other competitors who are unwilling to provide free currency exchange.