The road to mass adoption for cryptocurrencies is filled with several challenges including impeding regulatory procedures, lack of knowledge and lack of appreciation of financial sovereignty. But chief among those issues is the lack of liquidity.
Even for Bitcoin users, the flagship cryptocurrency as limited options to accessing their coins, exchanging them for fiat and even more limited places to spend their coins. Several blockchain projects have taken the mantle to bring blockchain to the masses and one such entity is the PolisPay, a payments service provider that seeks to allow users to spend their crypto at several locations across the world with the integration of MasterCard’s proprietary technology.
MasterCard is accepted in millions of ATMs and points of sale which makes this application particularly special. This week, PolisPay announced the integration of Dash cryptocurrency to its list of supported digital assets that includes Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], DigiByte [DGB] and its native token Polis [POLIS]. Dash has been on a mission to ensure more people learn about blockchain and possibly adopt its applications. The project has seen particular success in Latin America in Venezuela and Colombia owing to the economic challenges facing both countries which have pushed people to adopt cryptocurrencies both as stores of value and media of exchange.
In the Polis announcement, the startup stated that,
“As Dash has always pushed towards innovation and cryptocurrency adoption, we have found great potential in the PolisPay project, and we believe this breakthrough will have a profound impact for Dash users and the whole crypto community.”
The PolisPay application allows users to deposit their cryptocurrencies into their accounts and the system automatically credits their accounts with proportionate amounts in fiat denominations. Using the card, one can then access their funds in fiat at any MasterCard supported ATMs or use the card for shopping at any store that supports plastic cards.
PolisPay is currently in Open Beta testing phase whereby any applicant will be allowed to test out their services before the launch. Once it launches, the debit card is expected to be a hit because it positively impacts the holder’s experience by “narrowing the barrier between their digital assets and real-world items.” Going forward PolisPay users should expect to enjoy some of the following services and some more to come:
- Storage for supported cryptocurrencies on the Polis platform
- Seamless fiat to crypto conversions
- Comparably effortless crypto-to-crypto transactions
- Management of their own master node (for POLIS token holders)
PolisPay aims to keep transaction costs on the minimum as well with a constant annual fee of $25 and a 3% fiat-to-crypto conversions (paid in Polis tokens). In addition, all transactions will be charged $0.14 with daily limits placed at 0.15 BTC and $2,000 per month.