Kucard is good news for those living in the EEA region and read on as I would sign up tomorrow if I could.
The Kucoin exchange launched their debit card called the Kucard on the 21st November which went under my radar. Binance has stopped their debit card and those services end on the 20th December so not surprisingly I was not expecting another debit card announcement.
The good thing about the Kucard is there are no forced staking like what the Cro card does. This is open for users who are registered and have an account on Kucoin obviously as it links your crypto wallet.
Before you get too excited this is only open to the EEA region which is the EU plus Norway, Lichtenstein and Iceland. I had to look that up and the EEA stands for European Economic Area for those that didn't know that. The first batch of cards was a small amount being limited to 300 users and the following batches will be larger in number.
Currently the card only supports USDT and the Euro so one would have to make sure they have USDT in their Kucoin wallet before trying to spend using the card. There will be more crypto options added to this at a later stage which will make it even more convenient.
What Is The Catch?
There are no hidden catches as the use of the card is free in the EU and fees only apply outside that region being 2% unless you are withdrawing Euros which cost a €1.50 fee. A once of €9.99 when ordering the card and if you are wanting the card urgently an express delivery will cost €30. If you lose or damage the card a replacement card will be the same as the issuing price being €9.99. There is a €9.99 annual service fee which is not that bad considering what the card offers compared to what is available and I would not hesitate to jump at this if I lived in the EU.
Thee are no catches and small print which is a pleasant surprise as the Kucard simply converts you crypto into cash when making purchases on line or instore. This is living the dream knowing you can spend your crypto without the worries associated with conversions as this is already done for you. There is a cash back scheme which will see users being rewarded in crypto.
Adoption
I think this is what many of us see being the future with crypto and FIAT mingling as one with no difference between the two. The idea that banks are restricting their clients in how they spend their money by not offering the on and off ramps for crypto has to change very soon.
2024 is going to be a big year for crypto and everyone involved for the changes we are going to see. MiCA (EU Crypto Regulation) is expected to go live possibly in January whilst some say June/July. That is not far away and importantly before the bull cycle which will add even more emphasis on crypto being the good guys and the timing could not be any better for those than can benefit from these services. This is an important step as it forces the banks to open up the off on ramps otherwise they will not be compliant and breaking the new laws. The US it seems will have to watch on from the outside as not much has changed for them.