Crypto debit cards come in various flavors and are issued by many companies across Europe and the USA. The first crypto debit card available to South Africans, called Xapo, made its way to our shores around 2014/15. These debit cards, however, have not lasted very long as European regulations cause their issuers to pull out of the African markets. A further problem with these debit cards was the premium that exists in Africa for the purchase of bitcoin.
The biggest issue with crypto debit cards in Africa is the fact that they are usually issued by European or American companies. This, in turn, means that the rate given to the user when spending crypto is a lower rate than what the user paid to buy crypto in the first place. This is as a result of exchange controls and cryptocurrencies such as Bitcoin, therefore, carry a premium in terms of its FIAT price. The net effect is that a user in Africa loses 3% – 7% in “fees” before they even use the card.
The iCE3 debit card will initially only be available to our South African users and can only be used to spend cryptocurrency in South Africa at any merchant which accepts MasterCard or Visa. Based on the performance of this solution we will be looking to expand the service to our customers in Nigeria, Zimbabwe, Botswana, and beyond. Furthermore, we are anticipating the introduction of iCE3 credit cards.
A once off fee of R250 will ensure your crypto debit card is securely delivered to you by courier.
|Swipe & Spend||Free|
|Cash withdrawal||R10 – R18 (Depends on the ATM Bank Issuer)|
|Cashback from shop||R3-R5 Flat Fee|
|Maintenance||R10 per month|
You can pre-register by filling in your iCE3 account email at the top of this post. Additionally, please note that preference will be given to AIC token holders. We will be distributing the first batch of cards from June 2020 to AIC token holders and all other pre-registered users will receive their cards during July 2020.
Enter our debit card giveaway below and stand a chance to get your debit card completely free of charge!
This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.