This instrument was launched by the Venezuelan company Glufco, a platform that has its own currency anchored to the dollar and that, among other services, serves as a payment gateway and exchange between currencies.
For the virtual card, Glufco uses precisely its GLF currency, but users can acquire it and top up their Glufco account by depositing BTC. You can also use the local Venezuelan currency, the bolívar, which must also be exchanged for GLF funds.
The Glufco e-card has an issuance cost of 6.1 GLF, which is equivalent to 6.1 dollars, as can be seen on the company's platform. In addition, this instrument generates a recharge commission of 1.6 GLF.
Likewise, Ortíz commented that this card, which can be requested as a Visa or MasterCard, is in the beta phase of development. To make the request, the user must, in addition to being registered on the platform, have gone through a KYC (Know Your Customer) verification process. The process requires data such as identity document and a selfie.
Uses of the reloadable card with bitcoin
Regarding the use of this tool, the analyst added that the system returns the same data as a physical international card. Therefore, it can be used anywhere that accepts Visa or MasterCard, as long as there is no restriction for prepaid debit cards.
Due to the restrictions on the use of international financial instruments that weigh on citizens in Venezuela, a card with these characteristics, which can also be recharged using BTC, has been a constant clamor in the South American country.
In the past, the company Cryptobuyer (a payment gateway widely used between businesses to accept cryptocurrencies) had advanced a pre-sale of an international card. However, as this newspaper reported, those plans were frustrated months later and the Panama-based company suspended the project.
About this Glufco card, there are already users who have said they have used it. Among them, the financial and cryptocurrency educator Kevin Hernández, exposed via Twitter that he had paid for his Mercantil Insurance policy with it. Hernández added that this card can be added as a payment method in delivery applications such as Yummy, OrdensYa or the online design platform Canva.
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