Tezos blockchain team to launch debit crypto card

Tezos Foundation is partnered with crypto platform Baanx

10.07.2024 - 12:41

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Last updated on Aug 6, 2024

What’s new? Tezos Foundation, which is dedicated to supporting the Tezos blockchain, will partner with crypto platform Baanx and payment company Mastercard to issue a non-custodial debit crypto card. Transactions on it will take place on the Etherlink Layer 2 (L2) network, which is compatible with the Ethereum blockchain and built on Tezos’ Smart Rollups technology.

Material by CoinDesk

What else is known? The crypto card from Tezos Foundation will be accepted by more than 110 million Mastercard-backed merchants worldwide. Siddharth Singhal, the head of business development at Trilitech, a Tezos developer, notes that Etherlink has a transaction speed of just 500 milliseconds, a figure that will be reduced in the coming months.

According to Baanx chief commercial officer Simon Jones, cryptocurrencies are replacing online banking for the 1,2 billion people without access to banking services.

Baanx’s partnership with Tezos has lasted more than four years, and the Tezos Foundation has participated in previous Baanx funding rounds.

In March, Baanx partnered with the non-custodial crypto wallet team MetaMask to create a blockchain payment card.

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