Cryptocurrency Exchange Develops An App And A Debit Card To Pay And Cash Out Cryptocurrencies

In Nov. 2017, Fidelium, a US-based project with South Korean roots, signed a contract with a major debit card provider to allow cryptocurrency owners to make payments practically anywhere, as well as to withdraw cash at affiliated ATMs. As the project team reported to Cointelegraph, the debit card will be integrated with the Fidelium's Multiwallet app, which provides users with access to various exchanges from around the globe.

Issuing debit cards for traders is not a regular procedure for online cryptocurrency exchanges.

Although Fidelium is not a cryptocurrency exchange, the project includes a cross-exchange trading platform called Fortress that works more like an aggregator.

Users can access any supported cryptocurrency exchange via the platform by undergoing a one-time Know Your Customer procedure.

Fidelium is developing the Multiwallet app to allow users to manage Fidelium tokens, Bitcoin, Ethereum, Litecoin, and other supported cryptocurrencies as well.

A user with the app installed on their phone will be able to apply for Fidelium prepaid debit cards, giving them the option of withdrawing cash at affiliated ATMs and use the debit card to make purchases at stores.

The main problem is that a trader is not able to switch between exchanges easily.

Receiving an account at different exchanges leads to complicated and rigorous verifications at each exchange, which can involve uploading a picture of an identification card, providing a proof of residence and verifying mobile phone number and email address.

Aiming to offer a way to improve such circumstances, the Fortress online trading system will provide access to different exchanges within a single platform.

A user will be able to compare coin prices at different exchanges and determine which exchange offers the best price.