Unbanked Announces Support for Stacks' STX Token
Unbanked's debit card will now allow users to spend their STX.
Key Takeaways
- Unbanked announced a new integration with Stacks today that will enable users to spend STX tokens with their Unbanked debit cards.
- Users in four continents will now be able to use Stacks' STX token to make purchases.
- The announcement was made at the Stacks Summit event in Miami, Florida, which coincides with the world's largest Bitcoin conference.
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Unbanked announced support for the Stacks network today. Unbanked allows users to spend crypto from debit accounts and maintains the balance in crypto right up until the point of sale.
Unbanked Integrates STX
Unbanked has announced new token support for its flagship debit card.
Announced at Stacks’s Bitcoin Unleashed Summit in Miami, Florida today, the Unbanked platform now supports the Stacks network, which offers smart contract functionality to the Bitcoin ecosystem. Those from close to 60 countries, including the U.S., U.K., and several nations across Europe and Latin America, can now use their Stacks’ STX token to make purchases.
Moreover, Unbanked can be used to earn 8% annual yield, paid in Bitcoin, from holding Stacks in its “crypto-native bank account,” with the option for funds to be guaranteed by the Federal Deposit Insurance Corporation in the United States.
Unbanked has achieved partnerships with prevalent companies from the traditional financial world, such as Visa and Mastercard. It has also integrated with Apple Pay, Google Pay, and Samsung Pay, and supports various crypto assets (e.g. Bitcoin, Ethereum, Tether, and UniSwap).
According to chief executive officer of Unbanked, Daniel Gouldman:
“Stacks is one of the most innovative crypto protocols out there. We’re going to connect earning an 8 to 10% Bitcoin yield on your balance with crypto debit cards in nearly 60 countries around the world. What we are doing together is the true realization of what crypto banking should look like for everyone.”
Brittany Laughlin, executive director of the Stacks Foundation, told Crypto Briefing that there were already more than 200 signups within the first few hours after the announcement.
The Unbanked BlockCard does not require conversion from crypto assets to fiat currency until the point of sale. Therefore, Unbanked users holding Stacks will be able to maintain their STX position until the time of purchase while maintaining the potential to earn Bitcoin yield on their Stacks position.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.
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