A bitcoin startup that's gotten press for its ability to convert bitcoin to fiat currency has made some more big news: It's going out of beta and into market with the launch of its digital currency exchange services.
Coinizy, a Canada-based startup, announced the launch of its Ethereum debit card that will enable the public to fully use its services. Up until now, Coinizy has been in beta mode and focusing on how to move all of its options into market. It supports Western Union, PayPal and debit card withdrawals for certain cards.
“I am happy to announce that, today, after four months of public testing, Coinizy is moving on from beta. Our platform enables you to convert your bitcoins and ethers into U.S. dollars that you can then withdraw to PayPal and Western Union, as well as our range of virtual and plastic Visa debit cards,” Coinizy CEO Yannick Losbar said in a news release.
Its Ethereum debit card will make it easier to spend any type of digital currency, bitcoin included, as the card allows consumers to use the payment option anywhere credit cards can be used.
Although it is not currently possible to fund an Ethereum debit card with a smart contract directly, the Coinizy team is working on an API to facilitate such transfers. That development would make it easier for Ether users to pay with the cryptocurrency at merchants that don't accept the option.
“While the Ethereum founders probably didn’t envision their cryptocurrency to be a store of value, the impressive volumes exchanged each day on traditional and trading-oriented platforms, despite the lack of clear consumer-oriented applications, revealed a real market interest. We are also seeing a proportion of bitcoin-holders who are shifting towards Ethereum since they are increasingly preoccupied about the possible depreciation of their assets the Block Size debate is likely to cause," Losbar said.