Payments with cryptocurrency cards are accepted

Payments with cryptocurrency cards are accepted

With the annual meeting of the World Economic Forum (WEF) drawing to a close, attendees had the opportunity to join Cointelegraph in a farewell party at the Ex Bar in Davos, where they could pay for food and drinks using cryptocurrencies.

Early partygoers had the chance to win one of 20 cards loaded with up to 100 Davos Coins, which are each pegged to the Swiss franc. The winners enjoyed a seamless payment experience using a new physical wallet that looks like a regular credit card. With the support of German cryoconservator Trustody and Ammer Card, a self-managed wallet created by Ammer Technologies AG, cardholders could simply tap and pay at Trustody’s terminals.

The card’s underlying technology, approved by Visa and Mastercard, preserves private and public cryptographic keys. The key copy is kept in Trustody’s secure store, ensuring that the card can be restored in the event of theft or replacement.

Polygon co-founder Mihailo Bjelic told Cointelegraph that Davos Coins and associated payment systems were created by Ammer Technologies in just two weeks using Polygon technology. Bjelic described Davos Coins as a “pilot project” demonstrating how quickly cryptocurrency payments can be integrated. He said the pilot project will likely be shelved after the event.

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The topic of cryptocurrency payments featured prominently on several panels at the WEF’s four-day summit, which concluded on Thursday. A PayPal executive told Cointelegraph that the global payments giant is looking to expand its cryptocurrency service offerings in the near future. The use of digital assets for global remittances also featured prominently in a panel discussion featuring Circle CEO Jeremy Allaire and Ripple’s Brad Garlinghouse.

For his part, the CEO of Mastercard, Michael Miebach, made a bold prediction: SWIFT, the global cross-border settlement platform, will probably not exist in five years due to the rapid innovation of blockchain technology and digital currencies of banks. central.

Joseph Hall contributed to this article.

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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.