Fidelium is a US-based startup that went into a contract with a major debit card company in November of 2017. The aim was to develop a debit card that enables cryptocurrency traders to pay anywhere they want along with the ability to draw cash at dedicated ATMs. The team working on this project has recently revealed that debit card will be integrated into Fidelium’s multi-wallet application which gives traders access to a range of global cryptocurrency exchanges.
Cryptocurrency exchanges don’t have a tradition of issuing dedicated debit cards for their traders. Fidelium isn’t an exchange but the project involves a cross-exchange trading platform dubbed Fortress which functions like an accumulator. Through this platform, traders can gain access to any compatible cryptocurrency exchange once they’ve gone through the requirement of Know Your Customer (KYC) procedure.
Any trader with the app installed on their phone will qualify for applying Fidelium’s prepaid debit card. Those in the possession of debit cards would be able to use dedicated ATMs and pay for their shopping at different stores. Debit card holders will also have an option to choose any compatible coin to pay for their purchases.
The technology behind the app and integration of debit card into it is called Fortress which went into development during November 2017 with the aim to address the big issue of price differential caused by the lack of liquidity in cryptocurrency space. According to the whitepaper of the project:
“At one point, Bitcoin was trading around $15,000 in the U.S. At the same time, it was around 20 million Korean Won – roughly $18,500. That is $3,500, or 23 percent difference”.
The daunting challenge that crypto traders face is that it’s not easy for them to switch between exchanges. It means that if an account is received at different exchanges, it becomes a nightmare for the trader to go through the hoops of rigorous verification processes at each exchange which usually involves frustrating steps like uploading a copy of your identity card or picture or providing a proof of residence etc.
In order to get rid of these challenging situations that arise out of lack of seamlessness, Fortress trading platform will give access to different cryptocurrency exchanges from within a single platform where users will be in a position to compare bitcoin and other cryptocurrency prices in real time and make their decisions accordingly.