TL;DR Breakdown
• Weld Money will arrive in Europe by the end of the year, working with stablecoins.
• The crypto card will support USDT and Tether in its initial phase.
The cryptocurrency market has come to Ukraine with a lot of power; since last year, tokens such as Bitcoin are disputed among the favorites by citizens. In 2020, crypto investments in the country reached $400 million, and by the end of this year, the figure is expected to have doubled.
The technology company in Ukraine, Weld Money, has been supporting cryptocurrency trading from the beginning. The startup even created a unique crypto card to facilitate virtual payments in domestic stores and coffee shops.
Weld Money and the Ukraine market
Weld Money would correspond to the first crypto card in Ukraine to reach various parts of the world. The developers of this project will launch the card in Ukraine in October, and it will get to the rest of the European countries before the end of the year. This card will have a double function; the user can pass it through the traditional points of sale or make virtual transactions in cryptocurrencies.
To use Weld Money, users must connect the card with a crypto wallet such as Coinbase or Binance. The user will also have to link the card with Google Pay or Apple Wallet from their mobile phone.
The card will accept transactions in stablecoins and convert them into fiat currency without charging interest. The platform in charge of the card will exchange cryptocurrencies via Estonia to avoid Ukrainian taxes. Estonia is also the perfect place to trade cryptocurrencies as they are already regulated.
The cryptocurrency card is in its initial stage, and developers are working autonomously. The card could also be associated with large payment companies such as MasterCard or Visa.
Cryptocurrency card uses
In the initial phase, Weld Money will only work using stablecoins such as USDCoin and Tether. Irina Lorens, the company’s co-founder, says it was easy to launch payments with stablecoins. However, the platform will attempt to trade decentralized cryptos such as Ether, Bitcoin, and BNB.
Lorens clarifies that these cards will also be used for cryptos issued by YouTube, TikTok, and Twitch. The company was supported by Concorde Capital in Ukraine, the Chinese investor 7 O’Clock Capital, and the North American company Magnus Capital.
Faithful that the project would succeed, the Weld Money platform sold tokens of its shares to attract many more funds. The company preferred to sell its shares rather than raise money because this was faster.
The platform clarifies that at the moment, they are the only company in Europe that has launched a crypto card, so it is a renovating idea. Lorens confesses that Weld Money is the only company that has raised funds almost immediately, an achievement in the decentralized market. Without a doubt, the card focused on cryptocurrencies has high expectations of being a success.
