Spend is an exceedingly interesting fintech platform which probably should be getting more attention from the fintech aficionados and industrials.
Fintech stands for “financial technology,” and it’s a relatively recent trend in communications, technology and financial services that aim to harness the power of the internet, mobile communications, and software to empower the considerable fraction of people in the planet that do not have access to traditional financial service but that still have a mobile phone or some kind of access to the internet.
What is Spend.com?
The company is trying to “create financial inclusion” for more than 2 billion people in the world who don’t have a bank account, and that can’t get one, for whatever reason. It describes its service as a bridge that connects those billions of people to financial services tools.
And it takes things further than most other fintech firms because it works in traditional legal tender (fiat currencies) as well as in cryptocurrencies.
The hope is to simplify banking into something painless, user-friendly, and available from the palm of your hand. The reason is to help customers to control their finances (and hence, their futures).
The content in the previous paragraph could sound very ambitious and idealistic, for sure. But Spend has developed a full digital banking structure that really makes you feel that all those good intentions are becoming a reality.
The platform includes several services available at spend.com, the company’s website, as well as a mobile application (SpendApp), and a debit Visa card that allows you to use the money (fiat or digital) stored in your accounts and use it as if it was money from your savings account that you can spend in every business that takes Visa.
While this is not the first firm to offer that kind of service to cryptocurrency holders, this kind of service remains very rare and localized, while Spend aims to be global.
Spend and the cryptoverse
But let’s focus on the mobile application for now. It does many neat tricks. It can hold several currencies, for starters, traditional or digital. Among the digital assets supported currently in the app you can find all the big boys such as Bitcoin, Ethereum, Litecoin, XRP, and more are being added (more on that later).
But maybe the most impressive thing is that it allows users to buy digital coins directly with their local, national currency just by linking their debit card to the app or web account. And this is really very unusual.
Most cryptocurrency exchanges in the world have nothing at all to do with debit cards, credit cards, or local fiat currencies because the trading pairs they offer are crypto-to-crypto (BTC/ETH, for instance) so you can’t really use them unless you own some crypto coins beforehand.
This discourages new users a great deal. Only a few exchanges actually allow you to buy crypto with fiat (Kraken, for instance) but the process can be intimidating for new users as it includes several identity verifications performed in several ways.
And all that introductory information is just so you can understand easily what’s the real news and why it’s so relevant for crypto at large, for Tron in particular, and maybe even for you as well.
Spend and Tron
#TRON is now available on the #SpendApp. Buy/Sell $TRX with your bank account. Exchange $TRX with supported assets. Spend $TRX at 40+ million locations with the Spend Wallet™ by instantly converting to fiat with the #Spend Visa® Card!@Tronfoundation @justinsuntron @TronNews_ pic.twitter.com/ropTS5r2as
— Spend.com (@SpendCard) February 13, 2019
Tron’s digital coin, called Tronix (TRX), which is the world’s eighth largest by market capitalization, and that can be particularly tricky to buy, is, as of now, available as a supported currency in SpendApp.
This means that if you install the app (assuming it’s compatible with your device, which is not a given, but you can do it via web too) now you can buy TRX just as soon as you install and configure it. And if additionally, you get one of Spend’s debit Visa Cards, you’ll also be able to use your TRX on the street as if it was real money kept in your real account.
Image courtesy of Pixabay.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.