The new credit card was for the first time tied directly to the agricultural DeFi project – while offering instant crypto-to-fiat transfers without the need for upfront funding.
The ZCore Finance Card will be the first to be issued in Brazil and will launch worldwide in the third quarter of 2021.
Users can grow or buy ZEFI tokens and convert them to a card for free, and many trading pairs on the Binance Smart Chain are also supported for those interested in betting.
Alternatively, cards can also be reloaded using a range of third-party tokens – from Binance Coin, Binance USD, Wrapped ZCore, and ZCore – with a 4% commission on these deposits.
An encrypted credit card can be used to shop with local merchants, opening another milestone in the quest to make digital asset shopping more popular.
Postcard with a twist
A number of cryptocurrency-focused cards have spread to the market in recent years, but one difference from ZCore Finance is what happens to the fees charged when using the card.
At launch, 90% of the fees charged when depositing third-party cryptocurrencies will be used to copy ZEFI, increasing 100% of the fees associated with depositing Wrapped ZCore and ZCore tokens.
As a result, the more cards are used in everyday shopping, the more ZEFI is burned.
The fact that the ZCore Finance infrastructure relies on Binance Smart Chain makes the credit card particularly retail-friendly as it helps eliminate the high gasoline costs that arise in competing blockchains like Ethereum.
More information from ZCORE FINANCE here
Growing a crop that brings real benefits
Interested consumers can now pre-order the ZCore Finance Card – and the first 1,000 applications from Brazilians are free.
The project says it provides a fast, secure and easy-to-use interface powered by Binance Smart Chain, which is integrated with the DA app and the mobile app for real instruments. It is hoped that support for BSC compatible tokens will also provide a much needed option for cryptocurrencies.
The cards are slated to begin issuing in early May with the start of the KYC confirmation process, paving the way for the delivery of the first 1,000 physical cards. From here, credit cards will take 60 days to arrive.
The ZCore Finance white paper says it “does not intend to replace exchange platforms or DEX, but rather to add value to the sector with an adaptive and environmentally sustainable solution.”
The project was first launched in 2018 and has since been joined by thousands of contributors.
Combining traditional financial instruments with DeFi will play an important role in bringing this sector to the masses, according to the ZCore Finance team. The fact that credit card users don’t need to manually convert tokens before using them is a big step towards making it as simple as possible.
Looking at the project roadmap, NFT support will appear by the end of 2021, paving the way for a decentralized governance and exchange system in the first half of next year.