Unbanked has partnered with Moorwand to allow its customers spend their digital assets holdings at different merchant locations.
Blockchain-based global fintech platform Unbanked announced the launch of its new crypto payment card to eligible players in the United Kingdom and other parts of Europe.
This development comes at a time when the broader cryptocurrency market is going through a rough phase. But Unbanked is confident about its new crypto card program which seeks to bridge traditional banking products with blockchain.
To provide its crypto payment card services, Unbanked has partnered with Moorwand. Together, they will allow customers to spend their digital assets via this approved program. Residents of European countries and the United Kingdom can register their interests with a user account at Unbanked.com.
Further, they can deposit their digital assets, and upon approval, they will also receive a card for their spending. Speaking on the development, Daniel Gouldman, Co-Founder and Co-CEO of Unbanked said:
“We have worked for over two years on building this exciting solution to make the Unbanked Card available to interested users in Europe. It’s great to know with this launch, we will be able to provide residents in the U.K. and parts of Europe access to one of the most innovative crypto-powered cards in market.”
Unbanked Offers Support to 15 Cryptocurrencies
The Unbanked cardholders will be able to fund their accounts with 15 different cryptocurrencies. This includes BTC, ETH, UNI, XLM, and UNBNK. Besides, all crypto funds will be linked to a crypto-backed card issued by Moorwand.
As a result, users will be able to easily convert their digital assets to fiat in real-time at different merchant locations wherever the cards are accepted. Additionally, the Unbanked card will also offer its holders a unique set of financial, payment and crypto services with better accessibility and utilization of digital assets.
Founded in 2018, Unbanked works on the core ethos of better financial access and control. It connects traditional enterprises, and banking systems with blockchain infrastructure and fintech to expand the usability of digital assets for investing as well as everyday purposes.
Unbanked offers its financial products and services to all classes – banked, unbanked, and underbanked. Since the last four years of inception, Unbanked has served hundreds of thousands of customers. It is also backed by a community of investors who use its products.
Some of the top Web3 brands like Litecoin Foundation, Nexo, StormX, Stacks, use Unbanked’s infrastructure featuring key aspects like security, privacy, and compliance. This also makes the Unbanked platform ideal for the global adoption of cryptocurrencies.
About Unbanked and Its Native Token UNBNK
Founded in 2018, Unbanked is an SEC-registered company that connects traditional banking system and other legacy financial services with DeFi and cryptocurrencies. The company has been largely focused on the global accessibility of crypto-friendly financial services.
Unbanked’s technology is entirely licensed and used by some of the top Web3 organizations such as Litecoin Foundation, StormX, Nexo, Stacks, and others.
Interestingly, Unbank also has its native token UNBNK currently residing on the Ethereum and Stellar blockchain networks. Unbank balances the assets between the two chains by using a mint-burning mechanism. Users can swap these UNBNK tokens 1:1 across chains at unbanked.com.
The UNBNK token serves as the base case spendable asset on the Unbank debit cards. Whenever people deposit digital assets like Bitcoin, they get converted into UNBNK and held on the card until spent. Besides, users can also stake their UNBNK to earn 1-6% rewards in card spent.
The UNBNK Tokenomics
The UNBNK token comes with a maximum supply of 1 billion. This token is deflationary in the sense that people who withdraw UNBNK from the unbanked.com dashboard have to pay a 2% deflationary fee.
As a result, the maximum supply of UNBNK will decrease over time. Furthermore, as more people signup for the Unbak debit card, it would to more demand for the UNBNK token.
Now, if the cardholders chose to stake and lock their UNBNK holdings for card rewards it would create further scarcity. Similarly, those who withdraw UNBNK from the platform to trade it will see 2% of tokens burned over time leading to more scarcity. This is the ultimate bull case for the UNBNK token. Explaining the bank case scenario, Unbank noted:
“UNBNK is held on the card and “sold” when card holders use the debit card to buy something. If a deposit of BTC to the card is a “buy” of UNBNK, then a swipe of the debit card is a “sale” of UNBNK as it’s converted to USD at the merchant. If there is not enough adoption of the card, then the spending can outweigh the demand causing more sales pressure then buy pressure”.
Note that Unbank works directly with banks and card networks such as Visa. Besides, they are also the program manager for Mastercard and have also launched AMEX’s first NFT card.
As of now, users can get access to the UNBNK token on decentralized exchanges like Uniswap, Sushiswap, and Lumenswap.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.