This development of this card is a great innovation within the crypto industry. Following the launch of the Xapo Card, several other companies began developing similar products. This milestone is very impactful in this sense as well. This is a proliferation of Bitcoin and crypto-based prepaid cards. This competition drove improvements in card features & security. This is a step that accelerated the adoption of crypto in everyday commerce. For the traditional financial sector, the Xapo Card highlighted the growing influence of crypto and the need for financial institutions to adapt.
Banks & payment networks began exploring partnerships &technological integrations with crypto companies. This can be treated as the beginning of a broader trend towards the convergence of traditional & digital financial systems. Xapo implemented stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. Users were required to verify their identity before they could obtain and use the Xapo Card.
This was needed to maintain the security issue of Bitcoin. The misuse of Bitcoin by hiding the identity is a major security issue that is resolved by this card with the KYC and AML system. The fluctuating value of Bitcoin was a challenge to pricing & consumer protection. The real-time conversion feature of the Xapo Card helped mitigate some of these issues by locking in exchange rates at the time of transaction.
Although the BTC is volatile that factor was considered by both users and regulators. Day by day Several companies have since entered the market with their own crypto prepaid cards with new features and improvements. Today, the concept of spending Bitcoin and other cryptos using prepaid cards is widely accepted. This was the beginning of this trend.
~ Regards,
VEIGO (Community Mod)
Upvoted! Thank you for supporting witness @jswit.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit