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Tezos Foundation Collaborates with Baanx for Non-Custodial Crypto Card on Etherlink
The Tezos Foundation has partnered with Baanx to introduce a Tezos-branded, non-custodial crypto card on Etherlink. This collaboration aims to leverage Etherlink, an Ethereum-compatible Layer 2 blockchain powered by Tezos Smart Rollups technology, to facilitate swift and cost-effective payments.
By: XTZ News
15 July 2024
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Our articles due not endorse any projects/applications, nor due they constitute any financial advice. They are provided to simply inform our readers with readily available information that has been provided elsewhere.
The Tezos Foundation has partnered with Baanx to introduce a Tezos-branded, non-custodial crypto card on Etherlink. This collaboration aims to leverage Etherlink, an Ethereum-compatible Layer 2 blockchain powered by Tezos Smart Rollups technology, to facilitate swift and cost-effective payments.
This new crypto payments debit card, created in partnership with Baanx and Mastercard, will be accepted by over 110 million global merchants compatible with Mastercard.
Crypto cards linked to non-custodial wallets are becoming increasingly popular. These wallets allow customers to retain control of their crypto until needed for transactions. Mastercard and Baanx are already working on similar projects, including a debit card with DeFi firm 1Inch and another with MetaMask.
Baanx’s relationship with Tezos spans over four years, with the Tezos Foundation participating in previous Baanx funding rounds. Siddharth Singhal, head of business development at Trilitech, a Tezos developer, highlighted the efficiency of the Tezos Etherlink Layer 2, stating, “We have built an on-chain, non-custodial payment experience allowing users to spend their on-chain balance in a non-custodial fashion, as you would with any MasterCard.”
Singhal also mentioned the rationale behind crypto cards, which include replacing traditional banking and aiding the unbanked or underbanked.
In a Twitter Space titled ‘Baanx Unveils On-chain Payments with Tezos Etherlink’, Simon Jones, Baanx’s chief commercial officer, elaborated on this, saying, “As well as the roughly 1.2 billion people who don’t have access to financial services, you have those who basically want to bin their bank, but need that real-world connectivity.”
Jones added that the new card could benefit the creator economy by enabling direct consumer transactions, bypassing traditional revenue-sharing models with tech giants like Apple. He explained, “Why not go directly to the consumer?”
The new Tezos Etherlink Layer 2 offers sub-second transaction finality, currently at around 500 milliseconds, with plans for further speed improvements. This efficiency is crucial for real-time on-chain card payments.
Jones highlighted the significance of the relationship between Baanx and Tezos, saying, “We’ve been working with Tezos a number of years and we built a custodial product a number of years ago, but I think we was just a bit too soon, but the proof of concept from that was great. The idea basically, with what we are working on at the moment with Tezos is that we basically build self-custody spending. So, what that means, and I think it’s something that people get a little bit confused by, because there isn’t really a defined definition of what is self custody.”
Jones further clarified, “Our view of it is effectively self custody means that funds sit with the user, until the very split second that they wish to go and spend them. So we’ve created this system that’s a bit like crypto open-banking, where you can connect multiple funding sources, and then you have a card, those funds are not locked up, they’re yours, you can go and spend them.”
The on-chain debit card will launch initially in Europe and the UK, with expansion plans throughout 2024. Baanx aims to reach 1 million users in the next 12 months, targeting markets such as Brazil, Argentina, and other regions facing financial exclusion.
Baanx’s on-chain payment solution offers several advantages over traditional fiat-based cards, including self-custodial control, fast transactions, and lower fees. The solution uses Tezos Smart Rollups technology, ensuring high decentralization and eliminating the need for complex smart contract workarounds.
Jones discussed the long-term potential of the partnership, stating, “What we’ve been working with Tezos is effectively a native integration into Etherlink because it’s super fast, super cheap and a very stable chain. If you think about the payments environment specifically, you have to have a set of resilient infrastructure to make it work, because if a chain is too slow or too unpredictable, things will decline.”
Jones elaborated on the necessity for speed and reliability in the payments environment, “If you’ve been in a store and tapped your card and see how quickly it comes back and says ‘yes’, or ‘no’, there’s actually 9 processes that happen within those split seconds, so if you’re going to bring the on-chain spending world into that, you need chains that start to function more like infrastructure players within the payments network and for us Etherlink has been tested and stood up really well.”
Jones emphasized the broader implications for the industry, stating, “There is a huge amount of value that’s trapped at the moment in the world of tradfi and payments itself is a $2 trillion industry. The second area of that is that there is a tremendous amount of value that’s been trapped by some of the larger tech conglomerates like Google and Apple where they are effectively deducting 30% of the revenues from the app store directly from people who have to go through that.”
The on-chain debit card also supports multiple funding sources, making the wallet a super account. Although the native Tezos token (tez) is set as the default, the card can support any token. Users can link the card to a wallet through a straightforward sign-up and on-chain transaction to delegate funds.
Singhal emphasized the significance of this partnership for the Tezos Foundation, saying, “This partnership exemplifies the Tezos Foundation’s commitment to driving web3 innovation across industries, particularly payments. By integrating the robust Tezos blockchain infrastructure with Baanx’s fintech expertise, we are taking a huge step forward.”
Jones concluded with a vision for the future, “With Etherlink we’ve got some pretty exciting plans around go to market with different projects and different incentives and different things we can be doing.” With these developments, the Tezos Foundation and Baanx are set to transform the financial landscape by providing a decentralized, self-custodial card payment solution, positioning themselves at the forefront of blockchain and fintech innovation.
The new Tezos-branded, non-custodial crypto card marks a significant milestone in the evolution of digital payments, reflecting a commitment to innovation and user empowerment in the financial sector.
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The Tezos Foundation has partnered with Baanx to introduce a Tezos-branded, non-custodial crypto card on Etherlink. This collaboration aims to leverage Etherlink, an Ethereum-compatible Layer 2 blockchain powered by Tezos Smart Rollups technology, to facilitate swift and cost-effective payments.
Transak has announced its integration with Etherlink, a Layer 2 blockchain powered by Tezos. This collaboration aims to streamline Web3 adoption by offering faster transactions and minimal fees. Transak, known for its developer-friendly toolkit, supports over 170 cryptocurrencies across 169 countries, facilitating seamless and efficient crypto transactions.
The Tezos Foundation has partnered with Baanx to introduce a Tezos-branded, non-custodial crypto card on Etherlink. This collaboration aims to leverage Etherlink, an Ethereum-compatible Layer 2 blockchain powered by Tezos Smart Rollups technology, to facilitate swift and cost-effective payments.
Baanx, a pioneering cryptocurrency payments company endorsed by the U.K.’s Financial Conduct Authority (FCA), has secured a significant financial boost with a $20 million Series A funding round. This strategic investment was led by notable entities including Ledger, the Tezos Foundation, Chiron, and the British Business Bank. The move marks a significant milestone for Baanx, elevating its total funding to over $30 million.
The fast growing fintech Baanx, has announced the launch of Cryptolife, a game-changing digital app built to integrate with the Tezos blockchain for new and existing Tezos token holders.
Introducing “Cryptolife”— a game-changing digital app built to integrate with the Tezos blockchain for new and existing Tezos token holders.
The app will offer a mobile-first, digital asset-friendly platform for users to manage their digital assets and access new services right from their fingertips.
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
Our articles due not endorse any projects/applications, nor due they constitute any financial advice. They are provided to simply inform our readers with readily available information that has been provided elsewhere.
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Oobit, a prominent crypto payment platform, has announced a strategic partnership with the Tezos Foundation. This collaboration integrates Tezos’ native token, $XTZ, into Oobit’s payment system, enabling users to make tap payments using $XTZ at any Visa or Mastercard terminal worldwide. This marks a significant advancement in making…
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