Amon, a U.K-based digital asset company, is launching a multi-currency crypto debit card in 31 countries across the European Economic Area in the near future, according to a Coin Telegraph report.
It is one of the first digital asset companies to secure approval from UnionPay International. UnionPay is accepted by 28.5 million merchants globally, and the payment processor has 90% coverage in most EEA countries. In Spain, Italy and Austria, coverage rises to 100%.
Amon leaders opted to use UnionPay instead of Visa or Mastercard as it will enable the company to achieve global expansion much faster and pave the way for its product to launch in other regions such as the U.S. and South America, according to the report.
The card allows users to spend euros and pounds seamlessly and is connected to a wallet that uses an AI system and supports eight cryptocurrencies including Bitcoin, Ethereum and Litecoin. Conversions are made with a one-click exchange. The crypto debit card will also be competitive with ATMs, charging no fees for cash withdrawals under $325 in value.
Although the company has plans in place to support U.S. dollars next, the Amon user community will be given the opportunity to vote on which digital assets they would like to be added in future.
Amon was founded by brothers, Daniele and Christian Izzo, who found it difficult to use cryptocurrency for everyday purchases. Development on the company’s app began in 2018, and a partnership with one of Hungary’s largest commercial banks followed.
Amon wants to provide an outlet where altcoins can be used for everyday spending without a problem and is doing so by using artificial intelligence to enable shoppers to find the best-performing cryptocurrency to use at any given moment.
The company has been holding a fundraiser on the global platform, BnkToTheFuture, to help ensure a successful product launch. To date, according to the company, more than 1,400 crypto debit cards have already been preordered and the company’s token, AMN, has also been listed on Liquid.com.