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

MEDIA CONTACT
Martin Stein
Transform PR
martin@transform.pr
Mobile: 702-285-2873

On-site media contact:
Michael Terpin
Transform PR
michael@transform.pr
Mobile: 310-980-4676

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
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
Many companies start their journey to the cloud in the DevOps environment, where software engineers want self-service access to the custom tools and frameworks they need. Machine learning technology can help IT departments keep up with these demands. In his session at 21st Cloud Expo, Ajay Gulati, Co-Founder, CTO and Board Member at ZeroStack, will discuss the use of machine learning for automating provisioning of DevOps resources, taking the burden off IT teams.
SYS-CON Events announced today that Cedexis 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. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness.
SYS-CON Events announced today that Mobile Create USA will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...
SYS-CON Events announced today that Enroute Lab will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. Enroute Lab is an industrial design, research and development company of unmanned robotic vehicle system. For more information, please visit http://elab.co.jp/.
SYS-CON Events announced today that Suzuki Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. Suzuki Inc. is a semiconductor-related business, including sales of consuming parts, parts repair, and maintenance for semiconductor manufacturing machines, etc. It is also a health care business providing experimental research for...
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 21st Cloud Expo, Lennart Frantzell, a Developer Advocate with IBM, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing devel...
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
Why Federal cloud? What is in Federal Clouds and integrations? This session will identify the process and the FedRAMP initiative. But is it sufficient? What is the remedy for keeping abreast of cutting-edge technology? In his session at 21st Cloud Expo, Rasananda Behera will examine the proposed solutions: Private or public or hybrid cloud Responsible governing bodies How can we accomplish?
Real IoT production deployments running at scale are collecting sensor data from hundreds / thousands / millions of devices. The goal is to take business-critical actions on the real-time data and find insights from stored datasets. In his session at @ThingsExpo, John Walicki, Watson IoT Developer Advocate at IBM Cloud, will provide a fast-paced developer journey that follows the IoT sensor data from generation, to edge gateway, to edge analytics, to encryption, to the IBM Bluemix cloud, to Wa...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, 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. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
With the rise of DevOps, containers are at the brink of becoming a pervasive technology in Enterprise IT to accelerate application delivery for the business. When it comes to adopting containers in the enterprise, security is the highest adoption barrier. Is your organization ready to address the security risks with containers for your DevOps environment? In his session at @DevOpsSummit at 21st Cloud Expo, Chris Van Tuin, Chief Technologist, NA West at Red Hat, will discuss: The top security r...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...