A Singapore-based chat app is launching a debit card next month that will allow users to instantly spend the cryptocurrency they earn on the app as cash.
The app, Consentium, rewards users with Consentium Coins – which are based off Ethereum, a popular cryptocurrency – when they create groups and communities on the app.
The platform, which launched in April last year with funding of US$42 million, allows cryptocurrency transfers between its 40,000 active users.
Consentium said in a statement on Friday (June 7) that it is offering the card to improve the liquidity of its coins.
The card will work like a typical debit card, and will be accepted at “many” retailers with card payment options across Asia.
It will also allow users to withdraw cryptocurrency as cash at supported ATMs.
During a payment, the card will use global payment company Blucon’s payment platform to connect the user’s bank to a cryptocurrency exchange.
Blucon said in a statement on May 23 that it expected to receive US$5 million worth of investments through the Consentium community.
Meanwhile, Consentium said it will start testing the debit cards this month, and they will be available from mid-July onwards.
The company is also working on a second card for transport payments.