A new bank is planning a cryptocurrency MasterCard, a digital wallet and an initial cryptocurrency (ICO) offering this month. Singapore based Change Bank plans to operate worldwide and hold a September 16 token sale for its currency Change Coin (CAG).
“The Change Card is a MasterCard© card which enables Change users to spend cryptocurrencies to buy goods and services and withdraw funds from ATMs all over the world,” Change’s website claims. “Card users can spend every supported digital asset in the Change wallet, with the list of supported assets growing steadily.”
Among other things, users will receive a .5% rebate in Change Coin every time they use the Change Card. That rebate would double to .10% if the cardholder paid with Change Coin. News reports indicate that Change Bank will open for business on September 16.
Change Card would be a Real Game Changer
The Change Card would be a real game changer if it worked as advertised because it would have access to a huge market. MasterCard (NYSE: MA) reported processing $14.5 billion worth of transactions during third quarter 2016.
MasterCard was accepted by around 37 million merchants worldwide in 2014, Fintech Finance reported. MasterCard itself did not release any estimate of businesses but claimed its products were circulating in 210 countries in September 2017.
Cryptocurrency solutions like the Change Card might drive MasterCard’s growth. Around 46.6 million businesses worldwide accepted credit cards in 2014 but only 78% of them or 36.348 million, supported MasterCard and Visa (NYSE: V), Fintech Finance estimated. One reason for this is that there are hundreds of millions of people without access to credit cards or bank accounts.
The website did not say what cryptocurrencies the Change Card will convert into fiat currencies or what fiat currencies would be used. Presumably, it will support Bitcoin, Ethereum, and DASH like TenX and Shakepay’s Visa products.
Change Wallet Might be a Disruptive Solution
The other big piece of technology at Change Bank; its wallet, might be just as disruptive as the MasterCard.
“The Change Wallet is a multi-asset blockchain wallet supporting a growing number of cryptocurrencies,” the website states. “Users are able to send and receive cryptocurrencies as well as pay for products and services to merchants accepting MasterCard© payments.”
If that is true users would be able to use Change’s wallet to make purchases at all the big online retailers including Amazon and Walmart. Amazon and Walmart accept MasterCard but not cryptocurrencies.
To add icing to the cake, it might be possible to use the Change Mobile app at some large retail stores including Walmart. “The website states, “Payments and investments can be easily made through the app by entering the recipient’s address or by using a QR (quick read) Code.”
QR code apps like Alipay, Walmart Pay and Chase Pay use a phone’s camera to scan a code on a cash register to authorize a transaction. In the United States, Walmart (NYSE: WMT) accepts some QR Code apps including; its’ own Walmart Pay, but refuses to accept Near Field Communication (NFC) wallets such as Apple Pay and Android Pay.
Using QR code might help Change Bank reach a mass audience in China – where Ant Financial’s Alipay is the world’s most popular payment app. Therefore Change has the potential to become as big as Ant Financial, possibly the world’s most valuable unicorn, or PayPal (NASDAQ: PYPL).
Change Bank is a Company to Watch
If all that was not enough Change Bank is planning a marketplace for peer to peer (P2P) loans, real estate, and other investments. Another product it plans to offer at some point in the future is investment accounts.
Interestingly enough Change has partnered with the government of Estonia’s e-Residency program. E-residency allows people outside that European Union member to establish residence and incorporate companies there. Change Bank itself is incorporated in Estonia but it is associated with Lion Capital OU, which is apparently a British investment firm.
All this makes Change a company to watch and its Change Token Sale planned for September 16, 2017, a fascinating investment. Change to hoping to raise 200,000 in Ethereum (ETH) through the sale. Each person that invests 1 ETH will receive 500 CAG. Early investors will also receive the Change Premium Black Card.
Perhaps the most revolutionary thing about Change is that it is a bank, or at least has a management team honest enough to admit they are a bank. Organizations like Ant and PayPal operate like banks but avoid using the “B word.” That is risky because it will certainly attract the attention of regulatory authorities such as the American Federal Deposit Insurance Corporation (FDIC).
If you are looking for the next big thing in ICOs, Change Bank might be it. Watch this unicorn closely it has tremendous potential.