Welcome!

News Feed Item

Cryptex Card Debuts First Global Bitcoin-to-Cash ATM and Payment Card

New Service Lets Users Fund a Debit Card With Any Bitcoin Wallet and Then Take Cash out of Most ATMs or Merchant Debit Card Terminals Worldwide

NEW YORK, NY -- (Marketwired) -- 04/07/14 -- INSIDE BITCOINS -- Cryptex, the first global Bitcoin-to-cash ATM and debit card, has announced it will begin shipping personalized cards within four to six weeks to approved applicants, filling a huge hole in the Bitcoin and digital currency infrastructure: the ability to turn cryptocurrency into cash at hundreds of thousands of ATMs and millions of merchants' point-of-sales (POS) worldwide, regardless of whether the merchants or banks accept cryptocurrency. This will include any merchant who accepts the Discover™ card.

The card is useable in 80 countries and is supported on over 90 percent of the ATMs in the United States alone. Cryptex Card will also vastly expand the limited reach of the nascent Bitcoin ATM industry, by providing an existing secure global network and infrastructure through which users can convert their Bitcoins into cash.

The company is based in Hong Kong, but its seed investors include a premier list of global technology investors, including Tero Ojanperä, managing partner, Vision+ Fund and ex CTO and past member of the executive board of Nokia; Ken Hertz, senior partner at Hertz Lichtenstein Young Media Law and early investor in Spotify, Uber and Basis; and Michael Terpin, co-founder of BitAngels and founder of Marketwire.

Bitcoin is transforming the way money is sent across the world, by reducing transaction speeds from a few days to a few seconds. However, one of the major hurdles for the currency is the ability to convert Bitcoins into local currencies after receiving them. Cryptex Card solves this problem.

This marks the first time in the history of Bitcoin that someone can load a debit card from their Bitcoin wallet, then go out and buy pretty much any goods or services globally in their local currency -- using the local ATM and merchant systems already in existence.

"This is a huge development for Bitcoin," said co-founder Jamon Rahn, "because Bitcoin ATMs are sparsely located and Bitcoin exchanges make withdrawal a burdensome affair. We are vastly increasing liquidity and convenience for holders of Bitcoin."

Cryptex Inc. is a new cryptocurrency financial services company founded by payment veterans based in Hong Kong and Singapore. Co- founder Andy Cheung has over 15 years of experience in payment solution systems, working for well-known payment companies and financial institutions such as DataCash, NPS, Transact24, Payment Network International, Focal Payments, and China Payment Services. Cryptex plans to launch other cryptocurrency card offerings and payment solutions.

Consumers will order their Cryptex Card online and load it with Bitcoin, which then gets physically shipped like any other credit or debit card. Cryptex will have the requisite AML/KYC processes for each nation it serves built into this ordering process. Once in the user's hands, it can be reloaded online. When there is an active account balance, using the card is as fast as any prepaid debit card because the balances are already in cash. When it comes time to reload the card with new Bitcoins from the user's wallet, this process can be done end-to-end in less than 24 hours, with a goal of bringing this process down to less than one minute by this summer.

James Foster, the company's Asia-based vice president of business development, will be speaking at the Inside Bitcoins conference at the Jacob K. Javits Convention Center on Tuesday, April 8.

VIDEO: http://youtu.be/0VAw2sCgzFQ

Video-Link Available: http://www2.marketwire.com/mw/frame_mw?attachid=2561235

Add to Digg Bookmark with del.icio.us Add to Newsvine

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, will examine the regulations and provide insight on how it affects technology, challenges the established rules and will usher in new levels of diligence...
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
SYS-CON Events announced today that Calligo has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo is an innovative cloud service provider offering mid-sized companies the highest levels of data privacy. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalized support service from its globally located cloud platfor...
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, discussed the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information.
FinTechs use the cloud to operate at the speed and scale of digital financial activity, but are often hindered by the complexity of managing security and compliance in the cloud. In his session at 20th Cloud Expo, Sesh Murthy, co-founder and CTO of Cloud Raxak, showed how proactive and automated cloud security enables FinTechs to leverage the cloud to achieve their business goals. Through business-driven cloud security, FinTechs can speed time-to-market, diminish risk and costs, maintain continu...
SYS-CON Events announced today that SkyScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SkyScale is a world-class provider of cloud-based, ultra-fast multi-GPU hardware platforms for lease to customers desiring the fastest performance available as a service anywhere in the world. SkyScale builds, configures, and manages dedicated systems strategically located in maximum-securit...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.