Vaultbank has announced the upcoming launch of the Vaultbank debit VB MasterCard, which supports cryptocurrency transactions.
Vaultbank’s debit VB MasterCard is compatible with point-of-sale terminals, offering cardholders the ability to spend various cryptocurrencies and possibly Vaultbank (VB) tokens in the future.
Vaultbank’s debit VB MasterCard will be available to U.S. and E.U. customers upon the conclusion of its token sale. The token presale launched Jan. 17, 2018, and will stay open until Feb. 17 or until $20 million USD is raised, at which time the public sale will begin.
“The difficulty of using cryptocurrencies to pay for everyday goods and services has been a major roadblock to mainstream adoption,” said Austin Trombley, president and CTO of Vaultbank. “With the Vaultbank debit card, we make it possible to conduct everyday transactions around the world using cryptocurrency, facilitating a major step forward in the future of money.”
All Vaultbank debit card cryptocurrency-to-fiat transactions will be completed through the Vaultbank Exchange, allowing MasterCard and other future processors to not “see” the cryptocurrency being used. The Vaultbank Exchange intends to offer trading of top utility tokens, as well as potentially act as a launching and trading platform for security tokens and securities like mutual funds.
Vaultbank is running its VB token sale with CrowdEngine, a compliance automation solution enabling entrepreneurs to launch their own funding website.
VB tokens are asset-backed, as they are linked to the Vaultbank Exchange, the Vaultbank debit VB MasterCard program, and the Vaultbank Fund. The Vaultbank Fund will consist of secured credit assets and provide the main asset-backing of each VB token, which intends to pay, but does not guarantee payment of, quarterly dividends in Ethereum by the end of 2018.