Simone Binotto Torre explained that some parameters such as geography can make it difficult to adopt cryptocurrency cards.
At the 2022 Dubai Blockchain Economy Summit, Cointelegraph spoke with the CEO of Codego, Simone Binotto Torre, about cryptocurrency cards. During the conversation, the executive argued that one of the catalysts for wider adoption is the simple ability to make purchases with your crypto through a prepaid credit or debit card.
Even with Web 3.0 use cases popping up left and right within the space, the ability to spend crypto to make purchases at real-world stores and merchants remains one of the most important applications for digital assets, according to Torre.
The executive stressed that it is important for holders to be able to easily acquire goods and services with their digital assets, and stated that the creation of a banking platform that allows cards to automatically convert their cryptocurrencies into current money is vital for the community, and this is what his team wanted to focus on. He said:
“This is important because users will have the ability to spend in real life […] And we created, of course, this bridge between the world of virtual and real crypto assets.”
Aside from cryptocurrency cards, The executive also commented on the current state of the crypto space and encouraged the community to be patient during this time. Torre said that it is very important to be patient while investing during the bear market. He explained:
“The original concept of cryptocurrencies, which was like investing and then holding, in my opinion, has been lost a little bit. So people want to speculate, but for me, now is the time to invest and just wait.”
When asked about the current status of crypto card providers within the blockchain space, Torre replied that there are still many limitations. He explained that some parameters such as geography can make it difficult for crypto cards to gain wider adoption.
- FTX and Visa Partner to Enable Cryptocurrency Payments in 40 Countries
The executive also highlighted the importance of crypto cards supporting smaller crypto assets and don’t just focus on the big names like Bitcoin (BTC), Ether (ETH), and Solana (SOL). Torre believes this will give users the option to spend lesser-known cryptocurrencies and retain the more popular ones they don’t want to spend.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
- FTX and Visa Partner to Enable Cryptocurrency Payments in 40 Countries
- Over 30% of Canadians Plan to Buy Crypto by 2024, Says CSO Chief
- Spanish exchange Oubita will now have its crypto card
- Zipmex digital asset platform partners with Visa in the Asia-Pacific region
- Visa Reports Over $1 Billion in Crypto Spending in H1 2021
- Bakkt launches its own cryptocurrency debit card
- Bitcoin and Gold Face Headwinds from Strengthening Dollar