The decentralized asset exchange, OpenLedger, has announced a crowdsale for OCASH — the first ever all-in-one cryptocurrency debit card.
OCASH and ‘SmartCoins’
The token sale will launch at the end of August, according to OpenLedger’s blog announcing the event.
OCASH will bring the international card payments system to OpenLedger’s exchange network. The significance of this is that it will allow users to use “SmartCoins”, or cryptocurrencies whose value is pegged to another asset.
The SmartCoin system that OpenLedger leverages includes tokens like bitUSD, bitEUR, bitGBP, and Rubles — plus other OpenLedger tokens such as OBITS, BTC, and ETH.
While payment utility is the most obvious benefit, the main goal of OCASH is to create something that acts like an all-in-one decentralized, blockchain-based bank that anyone can use.
OpenLedger Says Card Will Help the Unbanked
Ronny Boesing, creator of the OCASH concept and founder of OpenLedger, thinks the idea is “groundbreaking” in that it will help the unbanked easily access their money and make transactions.
“The option to pay and withdraw any kind of crypto, anywhere and anytime, instantly from your payment card, is groundbreaking … Naturally, this will allow OpenLedger to stand strong as a platform, continue to innovate, and above all, give the 2 billion population who are unbanked an easy way to access an account and make transactions.”
The OCASH concept will be rolled out in two phases spread across a timeline of five months.
Phase one will introduce the virtual card, while phase two will see the launch of an ICO, focusing on the marketing funds needed for maximum global exposure, using phase one as the proof of work (POW).
How OSHA Compares to Other POS Solutions
OCASH is not the first POS solution for cryptocurrencies, as both Coinbase and Xapo offer crypto-based debit cards to their customers. There are also several others in different countries.
Coinbase offers the “Shift Card,” which is a VISA supported debit card that allows its users to spend bitcoin wherever VISA is accepted.
The shift card works online and offline and functions the same as any other debit card. All a user has to do is connect the card to their Coinbase account and they can begin spending their bitcoin balance as they please.
Xapo’s bitcoin debit card works similarly to Coinbase’s in that it functions just like a debit card. It is linked to an account with some balance which will be debited whenever the card is used.
OCASH will presumably work in a similar fashion, but the key difference will be its scope. Unlike Xapo’s and Coinbase’s bitcoin debit cards, OpenLedger’s card will not be limited to just bitcoin as it looks to give the entire cryptocurrency ecosystem a convenient POS solution.
What do you think of OpenLedger’s All-in-one cryptocurrency debit card? Let’s hear your thoughts below.
Images Via OpenLedger, OCASH