Cash out cryptocurrencies to fiat from Visa and MasterCard

Credit: https://bitcoinist.com/ethlend-announces-support-fiat-crypto-lending/

From the last couple of years, the popularity and trading volume of bitcoin, ethereum, and other cryptocurrencies has increased enormously. Bitcoin was trading above $18000 in the month of Dec 2017, and people were thinking of withdrawing coins or using them for online shopping. This is the stage where all new traders get into trouble, cashing out a large amount of money and making sure all the ways are secured. Individuals were using different methods to cash out the crypto assets.

Cryptocurrencies exchange

Looking at the current ways to cash out cryptocurrencies to fiat, either they are very costly or time-consuming. Currently, one of the most convenient ways to cash out any crypto to fiat is through cryptocurrency exchange. For new users, who are not withdrawing large amount, it is one of the preferred choices, although, they pose different kinds of restrictions to avoid fraud and scams. One of the major issues with this approach is that you can not get the instant funds. If you need your money urgently, there is a possibility that an individual has to wait for a couple of business days.

Peer to Peer marketplace

Various companies have explored other ways to exchange cryptocurrencies, P2P is another way to purchase and sell digital assets. These services offer transparent transaction fees and secured funds on the escrow account. These companies serve as an intermediary between buyer and sellers, and both parties can decide how the transaction will be settled. Here also, if we need immediate cash, we can not. Moreover, it is a time-consuming task to find the right buyer or seller on the P2P marketplace.

What if your master and visa card are used to cash out your bitcoin or ethereum? Cardonio is creating an innovative solution to bridge the gap between crypto and fiat world. Cardonio will give the same financial access to two billion unbanked population which everybody else has.

Unique and innovative opportunity from Cardonio will allow customers to get an instant credit line on their Visa and Mastercard by holding existing cryptos as a security. Cardholders will be able to purchase and payment in fiat currency instantly, and customers will be given 90 days to settle the payment.

Features of Cardonio

1. One of the main advantages of Cardonio is that it will give instant liquidity to the cryptocurrency assets. The credit limit will be calculated dynamically in a real-time, and it will be based on a number of factors including the market value of cryptos.
2. Customer’s crypto asset will be stored in cold storage and used as a security in case of customer uses it for fiat. Upon spending the fiat, crypto hold will be placed and the system will move those crypto assets to cold storage.
3. If the value of crypto assets decreases, automatic sell order will be triggered so that customer does not carry any liability.
4. Cardonio has a white-labeled partnership with a UAE based company who is level 1 PCI DSS compliant to process transactions on Visa and MasterCard platform.

When we have a system which can be used to liquidate the crypto assets immediately, it will help to rapidly grow the crypto and blockchain community. Cardonio ’s card functionality for exchanging ETH/BTC on ATM and POS machines will solve the real problem and increase the scalability of crypto assets.

Cardonio’s cardholders get 90 days to repay the utilized funds, but there is no obligation to pay within 90 days because Cardonio’s cards are secured by crypto assets. At the end of 90 days, the system will check and liquidate the assets in the case of nonpayment.

To summarize, in the last couple of years, with the advent of cryptocurrencies, unbanked and underbanked population have found the ways to use the financial services like other modern societies. Nevertheless, still, there is an adoption issue with cryptos and Cardonio is one of the companies who is working to explore the potential of cryptos with the help of Visa and MasterCards.