CCEDK and Bit-X Release Nanocard: The First True Crypto-Debit Card

CCEDK has announced that it is coming out with its own Bitcoin debit card.

In addition to strictly storing the funds as Bitcoin or USD, the user will have the option to store their money as a BitShares BitAsset. Also referred to as SmartCoins, they would be pegged to the value of the dollar or another major currency.

"A new generation of 2.0 coins is being used to address the volatility issue. BitShares’ SmartCoins will be available as funding options for the NanoCard in the coming months, meaning that customer balances can be safely stored as crypto coins pegged to USD, EUR, CNY or even gold and silver, and converted only at the time of use," explained CEO Ronnie Boesing.

This is a fundamentally lacking feature in many card programs available to Bitcoiners, although Bitreserve has come along way to deal with the problem of volatility. The new card will be called the NanoCard and will be broadly available to customers of the exchange beginning today.

The NanoCard is a collaboration between Danish bitcoin exchange CCEDK and forex platform Bit-x, which aims to show how virtual currencies are finally coming of age.

Ronnie Boesing believes that something like the NanoCard could be a “killer app” for Bitcoin, saying. "Bit-x, CCEDK, Cryptonomex, BitShares: each provides a part of the puzzle and the result is bitcoin’s killer app."

However, there are a number of other Bitcoin debit cards out there, including some that allow the user to receive part of their pay in Bitcoin, and then still have access to the funds for spending even after the conversion to bitcoin.

Regardless, those at CCEDK were excited to release a debit card for their traders to make use of. According to CEO Mr. Boesing, "We have combined the strengths of digital currencies pioneered by bitcoin with the universal acceptance of major credit cards. It’s the combination of technologies that makes the NanoCard so powerful.  We are extremely proud to have partnered with Bit-x after just a year in business. The result is perhaps the world’s first true crypto-debit card. No one can tell you how to use your own money and thanks to Bit-x this will be accepted everywhere."

Additionally, CCEDK is partnering with Cryptonomex in order to provide new security measures to protect funds and trading. Part of what Cryptonomex will do is create auditing and transparency layers for CCEDK's customers to have an opportunity to verify what's on the exchange.

Transparency is an element of strength for any exchange, as the Bitcoin community learned, through events like Mt. Gox, what a severe lack of transparency can do.  "You won’t have to worry about our exchange being hacked or whether it is honest or solvent," explains Boesing.