Victor Ugochukwu · Dec 14, 2020 . 5min read
ZenGo collaborates with Visa to launch a Crypto card
ZenGo joins Visa's Fintech Fast Track program. It is working towards launching its crypto card for U.S. consumers using the MPC technique.
By Komal Joshi · Nov 5, 2020 . 5min read
Crypto wallet startup, ZenGo, declared that it has joined Visa’s Fintech Fast Track program and is preparing to launch a new crypto payment card. It will be initially available in the United States. ZenGo has further plans to issue the card at other global locations. It has opened up a waitlist for U.S. customers who desire to get the card.
ZenGo is one of several cryptocurrency wallet platforms. However, the startup is working to make the digital asset storage process easier and safer. The company is utilizing the so-called threshold signs, which needs ZenGo’s servers and user smartphone to start any transaction. In case of loss of the device, the user can recover funds, although the startup will not have access to the cryptocurrencies.
ZenGo crypto card uses MPC technique
The ZenGo payment card enables users to convert their cryptocurrency into fiat so it can be consumed in the Visa network and withdrawn from ATMs. The wallet utilizes an innovative technique called multi-party computation (MPC). With this technique, it splits up long cryptographic keys; thus developing a more favourable user experience. As per ZenGo, MPC provides the liberty to customers from penning down private keys or remembering passwords and provides assistance in case they misplace their phone.
Similar to any other Visa card, merchants will accept the ZenGo card for both online and offline transactions. It will connect to the crypto wallet. Thus, enabling users to consume directly in crypto. Several other crypto companies, including Wirecard, Fold, and KiplePay, have also collaborated with Visa for publishing similar crypto cards.
Visa certainly understands the importance of linking crypto services to plastic cards. Earlier, Coinbase declared the launch of a Visa debit card, enabling consumers to employ digital assets for everyday purchases. The Coinbase Card will present clients the opportunity to earn up to 4% back in cryptocurrency rewards. Coinbase has opened up a waitlist for U.S. consumers who desire to get the card. It will start sharing them in the first half of next year.
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