Nebeus Crypto Bank Releases New Mobile Payments Card

April 27, 2018         By: Steven Anderson

While cryptocurrency is in and of itself a fairly novel idea, there are some serious problems with the concept. Perhaps the biggest of these is its overall lack of utility; as a potential investment vehicle it’s not half bad—though it’s more a gamble than an investment as buyers hope for “the next bitcoin” to hit—but beyond that, what can it be used for? That’s a point some companies are addressing, and Nebeus Crypto Bank recently sent word our way about its effort to improve usability: a prepaid card.

Essentially, Nebeus’ plan works like some others we’ve heard before: it makes for a rapid conversion from cryptocurrency to units of the local paper material and then uses that paper material to pay for goods and services. Plus, users can use it as a way to more effectively convert cryptocurrencies to cash directly at ATMs worldwide.  It can be topped up with cryptocurrencies at no charge to the user, and it’s currently accepted at over 40 million locations around the world as well.

Nebeus even offers an app and online platform specifically for managing the card, and those who have 50 Nebeus Tokens—the local cryptocurrency—are charged no monthly fees for the card’s use. Nebeus even offers a cash-back program in Nebeus Tokens, two to three percent monthly.

Nebeus’ managing director and co-founder Konstantin Zaripov noted “The Nebeus card combines the best features of the crypto and fiat finance worlds. As such, it bridges the gap between cryptocurrencies and fiat currencies, offering users a convenient and hassle-free means of transitioning between the two.”

Even Nebeus is making it clear that cryptocurrency by itself is kind of useless, and really only offers a way to rapidly sell that cryptocurrency into something that actually will work for purchases. You’re not spending cryptocurrency; you’re just selling it off so fast it looks like you are. It really doesn’t do much of anything to address the fundamental lack of utility most cryptocurrency suffers from, aside from a comparatively few anomalies like Overstock.com’s bitcoin acceptance. The ability to rapidly sell, though, might have some benefit for those who want to take profit from their investment.

Still, it’s a move in the direction that gives cryptocurrency some utility, and eventually, may well pave the way for cryptocurrency to truly mean something in the market.