Legalization of cryptocurrency: Ukraine is one more country to pay with crypto

Fintech startup Weld Money, in cooperation with Mastercard, and Ukrainian Unex Bank launched Ukraine's first cryptocurrency payment card weld, which allows users to pay for goods and services with cryptocurrency. Furthermore, Ukraine has an outstanding example of realizing and implementing the global principles of crypto mass adoption. "The development of blockchain business will contribute to the economic recovery of Ukraine. Our goal now is to make the experience of the everyday legal use of cryptocurrencies as accessible as possible for all Ukrainians. Blockchain in the financial sector is not the future, but our reality, and Weld essentially breaks the barrier between the benefits of Web3 and the existing economy, so our card became the first cryptocurrency card issued in Ukraine for safely, instantly, and legally use cryptocurrency for daily payments.", - says Oleksii Bobok, co-founder of Weld Money.

What is weld card?

The weld card product is a digital payment card based on Debit Mastercard®, which is linked to a cryptocurrency wallet on the Weld Money platform. The card can be added to Apple Pay, and Google Pay and pay with cryptocurrency for goods and services without the need for the user to convert it into regular (fiat) currency. Cryptocurrency conversion is automatic: when paying with the weld card, the equivalent amount is deducted from the cryptocurrency balance of the Weld Money wallet. Currently, weld card allows you to pay with USDT stablecoin, and soon there will be other stablecoins, bitcoin, and altcoins.

How is the payment made?

1.  The weld card user puts a smartphone or smartwatch (with Apple Pay and Google Pay support) to the POS terminal or enters the card details when paying online on the store's website.
2. The bank conducts a settlement transaction in USD, and the equivalent of the USD amount used by the client is debited from the user's cryptocurrency balance on a centralized exchange.
3. Thus, for the user, the process of payment with a weld cryptocurrency card does not differ from the usual non-cash payment, and no additional actions are required to pay with cryptocurrency.

What operations are available to weld card holders?

Weld card users can pay for goods and services in physical stores and online, as well as withdraw cash from ATMs that support contactless payment technology. At the same time, when paying for goods and services with a weld card, no additional fees are charged from the user.

How to get a crypto card weld card?

The virtual card is issued online on the Weld Money platform. It uses modern technologies of verification and identification of clients, implemented by Unex Bank, under the current legislation of Ukraine, namely - Diia, Diia.Signature. The whole process takes no more than 15 minutes. Citizens of Ukraine over 21 years old can apply for a weld card. The issuance of a digital card is completely free.

What are the main advantages of the weld card?

the transaction is processed in 4 seconds. Weld Money commission - 0% for the period of launching the card product. the ability to connect the card to various exchanges (already today, users of cryptocurrency exchanges WhiteBit and Huobi can pay with the cryptocurrency on their account. Soon a similar opportunity will be implemented for users of other crypto exchanges). referral program Previously thanks to Weld Money technology was created Unchain Help Card - a card for receiving financial assistance from the charitable cryptocurrency fund Unchain Fund. The Unchain Help Card enables Ukrainian families to receive non-refundable financial assistance from the crypto community. To date, the fund has already received more than 50,000 applications for the card. Unchain Fund can finance up to 7,000 Unchain Help Cards, with almost 6,900 cards already issued.