Simone Binotto Torre, the CEO at Codego recently talked about the adoption of cryptocurrency cards. He spoke at length about the crypto cards at the Blockchain Economy Dubai Summit 2022.
At the Summit, Binotto Torre talked about the key factors that may act as catalysts for the mainstream adoption of cryptocurrencies. He stated that cryptocurrency cards have the ability to act as catalysts for the mainstream adoption of cryptocurrencies.
Crypto Purchases to Strengthen Adoption
According to the CEO of Codego, allowing people to make purchases with the help of cryptocurrency cards would play a key role in achieving the goal.
It is important to issue credit cards and debit cards that support making payments through cryptocurrencies. This way, the cryptocurrencies would be inducted into the real world in the form of transactions.
Binotto Torre stated that Web3 has been playing a very important role in the mainstream adoption of cryptocurrencies. The technology provides an alternative to the traditional internet service providing privacy and ownership of data.
However, the ability to use digital assets and cryptocurrencies to pay for day-to-day needs is something that would be on another level. This would define the real adoption of cryptocurrencies in the real world.
Easy Crypto Access for Users
It would be extremely important and beneficial for the users to be able to make purchases of services and goods using cryptocurrencies.
With more real-world utility available for the users, they would feel there is a great use for cryptocurrencies and become used to that.
It has become impossible for traditional financial institutions to avoid cryptocurrencies. The world is now aware of cryptocurrencies and what they have to offer, so it would be futile for banks to try something to eradicate them.
Instead, banks must find ways to integrate and offer cryptocurrencies to their users so they can make payments with them.
The banks should introduce platforms that support the usage of cryptocurrencies. Such platforms should allow users to convert their cryptocurrencies into fiat the moment they initiate the transaction through their debit/credit cards.
Codego Working on Such Utility
Binotto Torre revealed that Codego, the core banking institute is currently working to offer such utility to their customers and clients. In the upcoming days, their clients would have the ability to perform crypto transactions using the crypto cards they would offer.
Visa, one of the largest payment solution providers in the world is also aiming to do the same. So far, it has formed multiple partnerships with different crypto entities such as Coinbase and Binance to offer their respective debit cards.
Visa has recently partnered with FTX exchange to offer the same utility to the users. Codego may partner with Visa or Mastercard to offer the same utility to their banking clients.