Crypto wallet app ZenGo to launch debit card

Just like Coinbase, ZenGo is going to introduce its own debit card in the U.S.

ZenGo to launch debit card
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ZenGo, a mobile app that manages consumers’ cryptocurrencies, has announced to introduce its own Visa debit card in the United States.

This isn’t the first time that Crypto-powered debit cards have been introduced. Recently, Coinbase announced the expansion of its debit card. However, ZenGo is a non-custodial wallet, which means that you have control of your assets.

When you leave Crypto assets on an exchange, someone could log into your account and send all the assets to other wallets. There are some security features, like two-factor authentication and email verification.

ZenGo and other non-custodial wallets make you in charge of security. You act as your own crypto bank. It is complicated to create a debit card as ZenGo can’t convert cryptocurrencies for you.

The company is going to join Visa’s Fintech Fast Track Program with the intention of releasing the payment card by 2021. Initially, the card will only launch in the U.S., however, the startup plans to release it in other countries.

ZenGo doesn’t know which cryptocurrencies you have, so you need to convert them into USD first. Through the mobile app, you can convert some funds to fiat and deposit the amount on your card. If you use the card regularly, you can convert a fixed amount every week.

In comparison to other Crypto-powered cards, there is another step. “The main issue here is that if you do it automatically, like Coinbase, you can’t pick the Crypto you want to use for spending. They force you to make a choice for all your transactions,” ZenGo CEO Ouriel Ohayon stated.

Coinbase
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Anything present in your ZenGo wallet can’t be used with your card. Even if someone hacks your card, your crypto assets will remain safe.

ZenGo allows you to acquire cryptocurrencies in the app through partnerships with Coinmama and MoonPay. Moreover, the startup will have both on-ramps and off-ramps with support from fiat-to-crypto and crypto-to-fiat conversions.

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