ZenGo, a mobile wallet has churned out Visa crypto debit card in US. While ZenGo is not the first to offer a cryptocurrency card in US, it is the first non-custodial crypto wallet which means the user is in total control of his funds.
This is unlike Coinbase card wallet where real control of funds is in hands of Coinbase. Private keys and mnemonic phrase are never handed out to user, unlike ZenGo where you are in charge of security. Whenever you want to make purchase, you must convert your cryptocurrencies stored in ZenGo wallet to USD first. You can also set an option in app to convert a certain amount of crypto to USD every week.
You must use the card for a minimum purchase of $50 or 20 euro. If you will be spending under 150 euros every month, you only need to provide basic details like name, address, date of birth and email address.
For EUR 150-20000 purchases every month, a simple set of documents are required. And for purchases amounting to 20000-50000 euros every month, you must provide proof of address and income.
Supported cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), or Binance Chain (BNB), Dai (DAI), Paxos Standard (PAX), Tether (USDT), Basic Attention Token (BAT), USD Coin (USDC), TrueUSD (TUSD) and Tezos (XTZ).
Announcing the ZenGo Card! Spending your crypto is now a piece of cake 🍰
Powered by @Visa 💳, so you can pay with crypto, everywhere.
Join the waiting list for early access 👇https://t.co/qriZZx1nSI
— ZenGo (@ZenGo) November 3, 2020
While Stellar Lumens (XLM) is not on supported list, we are sure it will be added soon as ZenGo makes use of MoonPay to add funds which already supports XLM. Infact, most Stellar crypto wallets, including Solar and Lobstr wallets, make use of MoonPay’s service to buy XLM for users.