ATLANTA, April 24, 2019 /PRNewswire/ -- Earlier this year, Ternio announced it was enabling users to register for a BlockCard account. The crypto-based account is paired with a physical debit card that enables the cardholder to convert their value of cryptocurrency to dollars at the point of sale - giving users the same ease of use as traditional credit cards. Today it was announced that Ternio's BlockCard will operate on the VISA payment network. VISA is the world's leader in digital payments being accepted by over 40 million merchants globally and processes 65,000 transaction messages a second.
Ternio's BlockCard account supports multiple cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), BitcoinCash (BCH), Litecoin (LTC), Stellar Lumens (XLM) and Ternio (TERN). Consumers holding those cryptocurrencies can deposit them in their BlockCard account at GetBlockCard.com. Consumers will also have the option to select between a virtual card, plastic card, or metal card. Over 6,000 people signed up for a BlockCard account prior to launch.
The BlockCard account enables the card holder to keep their value in crypto up until the point of sale. When BlockCard is used, the processing transactions are facilitated via a crypto exchange. Alternatives limit the consumer by converting their crypto value to Fiat money prior to the point of sale and placing a stagnate value on a card.
"Millions of people hold cryptocurrency, but until today there was not an easy to use option for them to quickly and efficiently spend the value of their crypto," said Daniel Gouldman, CEO of Ternio. "Ternio's BlockCard account is a paradigm shift for the crypto ecosystem - enabling anyone to quickly sign up, fund their account, and keep the value in crypto until the point of swiping their card with the merchant."
"We're thrilled to partner with Ternio on their BlockCard program," said Rob Vanden Broecke, EVP at CashPass. "At CashPass, we constantly strive to give customers new technology options to make payments faster and more convenient. I'm excited to watch this program grow!"
Ternio announced that it has agreed to license its software technology to other companies who have issued digital assets. These partners will license Ternio's white-label software to offer a similar product as BlockCard to their user base, utilizing the native digital assets of the licensing company.
Ternio is a leading blockchain company providing white label technology to enterprise organizations which gives blockchain and cryptocurrency real-world application. The BlockCard™ is a physical debit card created by Ternio. With BlockCard™, cardholders are empowered to spend their BTC, LTC, BCH, ETH, XLM, and TERN anywhere in the world VISA is accepted. Learn more at GetBlockCard.com and follow Ternio on YouTube at https://www.youtube.com/c/terniotoken.
The BlockCard Visa PrePaid debit card is issued by Metropolitan Commercial Bank (member FDIC) pursuant to a license from Visa U.S.A. Inc. "Metropolitan Commercial Bank" and "Metropolitan" are registered trademarks of Metropolitan Commercial Bank© 2014. Use of the Card is subject to the terms and conditions of the applicable Cardholders Agreement and fee schedule, if any.