Diamond Circle, a Bitcoin ATM manufacturer, has revealed plans to launch a Bitcoin debit card at the Bitcoin 2014 conference in Amsterdam. Diamond Circle notes that the debit card will only be able to work with its cashless Bitcoin ATM and online exchange. The two-way Bitcoin ATM is the latest point-of-sale solution offered by Diamond Circle.
This debit card is different than other Bitcoin cards that are either prepaid or tied to an already established payment network such as UnionPay. Instead, the Diamond Circle debit card will feature a near-field communication (NFC) technology that will be issued through the company’s website, ATM operators, merchants, or independent distributors.
The debit cards will also be able to hold up to nine different fiat currencies and will be linked to the customers’ Bitcoin wallet. According to the company, Bitcoin exchange rate will depend on live market rates during the time of the transaction.
What is Diamond Circle?
Diamond Circle is a company based in Australia that is creating different services and devices to provide ease of access to Bitcoin and security to Bitcoin users. It might be limiting for Diamond Circle to create debit cards that can only be used with its services, however, this move might allow the company to have an upper hand if dealt with carefully.
The Diamond Circle cashless Bitcoin ATM, which was launched in March, allows bitcoins to be bought using a credit card and then sold directly to customers’ bank accounts. This is contrasting other Bitcoin ATMs and vending machines which use QR codes and cash. The Diamond Circle alternative is based on NFC technology with paper receipts as backup.
The Diamond Circle debit card will be launched during the Bitcoin 2014 Amsterdam Conference which is starting on May 15th and ending on May 17th.
Image courtesy Diamond Circle