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Last Tuesday (4) it announced the launch of a Visa debit card which people can use to complete purchases.
But note that it’s not like you buy items with cryptos.
Rather, through the e-wallet, you convert your cryptos into Mexican pesos and those are the funds that serve to complete the transaction with the corresponding merchant.
It’s not a straightforward process per se.
But it is a way of pushing for faster cryptocurreny adoption within a market that’s been growing keen on cryptos.
Likewise, it offers a rewards program where you get cryptos back.
Cryptos count too
While we’ve often talked of how users are catching onto electronic payments thanks to the coronavirus outbreak, it shouldn’t come as a surprise that this same principle applies to digital assets like Dash.
“Given that Covid changed the distancing and payments landscape during this year, crypto needs to evolve into more products and better solutions, which is enabling online shopping and the low touch economy, which is the new normal after this pandemic,” says Ernesto Contreras, Head of Business Development at Dash Core Group.
Dash has been a key partner for Tauros in promoting cryptocurrency adoption throughout Mexico.
Now through this debit card, it has a better chance to get more people on board with its tokens.
Tauros has something to gain
When you look at this product, it’s clear Tauros has a lot to gain.
Evidently, the startup benefits from attracting more users who want the pragmatism of (almost) handling their cryptos as they would fiat money.
More so considering it’s in a market that (for multiple reasons) has a lot of opportunities when it comes to cryptocurrencies.
Because of its geographical location, Mexico has tons of potential for remittance transactions with cryptos. Likewise, the country’s fintech law also makes it friendlier towards this type of asset.
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Correction: A previous version of this article stated there was a three-way partnership between Visa, Tauros, and Dash but this is erroneous. Tauros has an individual partnership with each party. On another note, the card is only capable of completing purchases using Mexican pesos, though crypto-assets can be stored in the wallet.