Axion Reveals the Date of Its Connect Card’s Launch

According to a recent AMA session on Axion's discord, the project is almost ready to launch its crypto credit card.

Published December 17, 2020 Updated 5 months ago

Using cryptocurrencies for trading and investing has been the largest crypto use case for years, now. However, as digital coins became more adopted and accepted around the world, a lot of merchants started accepting them as a means of payment.

In most cases, a third party got involved, allowing customers to pay with crypto, and then converting that crypto to fiat currencies for the merchants. Online stores seem to be contempt with this way of receiving payments, and since the method was invented, millions of stores have started accepting crypto payments.

While this unlocked numerous new possibilities and it got the crypto community quite excited for a time, many wanted more. They wanted a way to pay with crypto anywhere, including during their everyday purchases.

This is why several projects, such as Axion, came up with their own cards, created in partnership with Connect Financial. Now, while most projects only offer debit cards — allowing the user to fill up their app with crypto and then spend it — Axion is the first to create a crypto credit card. And now, the card is only a few weeks away from its official launch.

Axion Announces The Arrival Of Its Credit Card

The card, known as the Connect Card, is a Visa credit card, which gives the project two major advantages over prepaid debit cards.

The first one is the fact that users can pay for goods and services using credit, while the second one is that the card can be used for pre-authorized transactions. This includes gas stations, hotels, pay-per-click advertising, and more.

Connect Card will allow users to control their funding sources, increase their spending power by as much as 180%, manage fiat and crypto alike, and continue to benefit from increases in crypto prices.

Users will, of course, be required to load a coin of their choice (such as Bitcoin) as collateral. When they do so, Connect will extend their line of credit based on a percentage of the coin’s value. In essence, users should receive the spending power of 180% of the value of the coin.

That way, they do not have to spend their cryptos, but rather pay for whatever they want while their coins remain intact. This has some obvious advantages, especially for HODLers, who do not wish to get rid of their coins, but they do wish to use them for payments.

Axion’s AMA revealed that the project’s crypto credit card should arrive by the end of January 2021. At least, that is the date when the initial plastic should be delivered, with the project aiming at January 21st.

The Project’s Efforts and the Community’s Patience Finally Paying Off

The card comes after a long time in development, where the team worked on perfecting the system, while also working on making the main Axion network operational and better than what competitors have to offer.

Of course, a large portion of the team’s efforts also went to getting Visa approval, brand approval, seeking regulatory compliance, and resolving potential legal hiccups before they even emerged. But, it would seem that their efforts paid off, and that Axion’s community is only about a month away from receiving their Connect Cards. While Axion is still a low market cap coin, ranking as the 2577th-largest crypto, it has over half a million in daily volume. The arrival of the card is likely to attract more users, and potentially help boost the coin’s rank, and even price. At the time of writing (December 17th), AXN price sits at $0.000152, after seeing a 14.72% increase in the last 24 hours.

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Ali Raza Ali is a journalist with extensive experience in content creation, including online journalism and marketing. He holds a master's degree in finance and enjoys writing about cryptocurrencies and FintTech. Ali's work has been published on a number of major financial publications.