Advancing the DeFi space is crucial to ensure future adoption. Swipe is one of the companies making a lot of waves as of late. Users will soon be able to access USD checking accounts and debit cards.
Another big Swipe Move
The past few months have yielded a lot of momentum for the Swipe ecosystem. It is one of the more useful DeFi projects that has little or nothing to do with speculation. Instead, the team is intent on building an ecosystem with useful tools, products, and services. Its debit card, for example, has proven to be of great interest already. It supports a fair few crypto assets, with more to be added in the future.
One market that needs to be tackled is the US market. It is by far the biggest market for cryptocurrencies, yet gaining traction has proven challenging. Swipe is making big inroads, following its most recent announcement. Users will be able to access US Dollar Checking Accounts through a partnership with Evolve Bank & Trust. A major step forward for the industry.
Accessing this bank account can be done through the Swipe Mobile Application. Users can direct deposit paychecks into their account. Through Evolve Bank & Trust, users will benefit from FDIC insurance up to specific limits. The bank accounts will also support buying and selling cryptocurrencies through ACH and wire transfer options.
Launch in Q4 2020
Announcing a new feature usually indicates the launch is imminent as well. According to Swipe, the checking accounts will be launched in Q4 of 2020. Considering how it is September already, this new service can launch as early as next month. An exact date has not been confirmed yet. The checking accounts will come with Swipe Debit Cards for those who want to explore that option.
Swipe CEO Joselito Lizarondo adds:
“Partnering with Evolve Bank & Trust gives Swipe the ability to offer a simplified banking experience while utilizing the user-friendly Swipe Wallet application. Users will have access to the same checking account features most brick-and-mortar banks provide, but without any fees. We are excited to launch innovative products that make the entire banking experience seamless.”
Considering how Evolve Bank & trust is 95 years old, it’s remarkable to see them partner a cryptocurrency provider. That is far from how things are done normally. Banks and other financial institutions tend to shun these projects first and foremost. Slowly but surely, things are changing for the better.
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