Tezos Enters Crypto Payments Market with New Debit Card

Tezos Enters the Crypto Payments Market with New Debit Card

Tezos, the innovative smart-contract blockchain established by the dynamic duo Arthur and Kathleen Breitman back in 2017, is making its mark in the world of cryptocurrency payments through a new partnership. Tezos has teamed up with Baanx, a digital assets card facilitator in collaboration with Mastercard, to introduce a new crypto payments debit card bearing the Tezos branding.

Transactions with the Tezos-branded debit card will be processed on Etherlink, an Ethereum-compatible layer-2 blockchain that leverages Tezos Smart Rollups technology. This integration ensures swift and cost-effective payments for users. Moreover, the non-custodial nature of the card allows customers to retain control of their crypto holdings until they are ready to utilize them.

The Tezos Foundation-backed debit card is set to be accepted at over 110 million global merchants that support Mastercard, offering users a wide range of spending options. This strategic move aligns with the rising trend of crypto cards linked to non-custodial wallets, catering to the evolving needs of the digital asset community.

Notably, Baanx, with its longstanding partnership with Tezos spanning over four years, has previously included the Tezos Foundation in its funding rounds. The Tezos Etherlink layer-2 blockchain currently boasts sub-second transaction finality of around 500 milliseconds, with further enhancements planned in the near future.

Siddharth Singhal, the head of business development at Trilitech, a Tezos developer, emphasized the on-chain, non-custodial payment experience offered by the Tezos Etherlink layer 2. This innovative approach enables users to seamlessly spend their on-chain balance in a secure and efficient manner, akin to conventional payment methods such as Apple Pay and Google Pay.

Simon Jones, the Chief Commercial Officer at Baanx, highlighted the diverse applications of crypto cards, ranging from addressing financial inclusion challenges for the unbanked and underbanked populations to serving the creator economy’s unique needs. By providing a direct avenue for payments and reducing dependency on traditional banking systems, crypto cards are poised to revolutionize the digital financial landscape.

• Tezos and Baanx collaborate to introduce a Tezos-branded crypto payments debit card
• Transactions processed on Etherlink, an Ethereum-compatible layer-2 blockchain powered by Tezos Smart Rollups technology
• Non-custodial nature of the card allows users to maintain control over their crypto holdings
• Supported by over 110 million global merchants compatible with Mastercard
• Baanx’s longstanding partnership with Tezos and previous funding rounds involving the Tezos Foundation
• Tezos Etherlink layer 2 offers sub-second transaction finality with further speed enhancements planned
• Focus on enhancing the user experience with on-chain, non-custodial payment capabilities
• Broader applications of crypto cards in addressing financial inclusion and catering to the creator economy