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Proposal: Dash debit card

Discussion in 'Pre + Budget Proposal Discussions' started by VytautasK, Mar 20, 2016.

  1. VytautasK

    VytautasK New Member

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    After seeing an interest from Dash community we decided to suggest integration of Dash to SpectroCoin wallet by so issuing Dash debit cards. Our proposal can be found at dashwhale, under name dash-debit-card

    In addition to debit card which would be accepted everywhere where MasterCard or Visa is accepted, the project would also lead to integration of Dash to our exchange (clients will be able to exchange Dash to fiat, even buy it with debit or credit card) as well as integrate it to our payment processor, so merchant will be able to accept Dash and receive fiat as well as benefit from plug-ins for Drupal, opencart, PrestaShop WHCMS and other.

    I hope you will support our proposal.
     
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  2. alex-ru

    alex-ru Grizzled Member
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    Is it possible for you to issue cards with "DASH" brand printed on it?

    Could you please provide more information about your company - statistics, whether SpectroCoin is popular or not (comparison with similar "crypto-cards" companies) and so on...

    Thanks!
     
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  3. VytautasK

    VytautasK New Member

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    No, that would not be possible.

    We are incorporated in UK and Lithuania, we have a team of 10 people of whom 6 are developers, we are mainly working with clients in Europe, we have more than 30,000 clients at this day. Comparing to over companies, we are not only a card company, we are also a wallet, exchange and a payment provider. Our costs are lowest in the markter, we only charge 0.5EUR per virtual card and 8EUR for physical.

    We are also during a research, we are working with SWIFT institute regarding usage of blockchain for securities transactions and etc.
     
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  4. dark-sailor

    dark-sailor Member

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  5. raganius

    raganius cryptoPag.com
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    Labas!

    Great to see DASH in Lithuania! I love this country! *

    [​IMG]

    * edit: I confess, that explains my name :)
     
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  6. VytautasK

    VytautasK New Member

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    Thanks for all the support!
     
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  7. studioz

    studioz Well-known Member

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  8. InTheWoods

    InTheWoods Well-known Member
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    There are companies looking into Dash debit cards already. I don't think Dash should pay for this. Not even that but Dash debit cards that pay a fat +7% interest are coming. A standard debit card is not really what's needed here, especially as we're getting this anyways in a better format.
     
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  9. VytautasK

    VytautasK New Member

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    Yes we are, we have multicurrency platform and are onboarding more currencies. However for debit card we offer USD, EUR and GBP
     
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  10. alex-ru

    alex-ru Grizzled Member
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    Interesting... Is it reliable information?
    Where is it possible to read more about it?
     
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  11. InTheWoods

    InTheWoods Well-known Member
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  12. VytautasK

    VytautasK New Member

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    Two things: firstly 7% interest rate already looks suspicious, how are they going to invest money etc. Sencondly, how many card providers do actually have their own bitcoin wallet (web, mobile) and merchant tools as well.

    Plus it seems that these guys just have an idea, not a working product.
     
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  13. InTheWoods

    InTheWoods Well-known Member
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    It's not suspicious at all because it would be tied to Masternodes, which have a 10-15% ROI.
     
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  14. VytautasK

    VytautasK New Member

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    Yes, but the model will be the same in our case as we will be runing masternodes as well, hence would be able to split the return in on way or another.
     
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  15. alex-ru

    alex-ru Grizzled Member
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    VytautasK ,
    Do you speak Russian? Don't forget to visit DASH Ru-section: Русский Russian ;)

    Also, we already have a kind of promo-image for your proposal:
    [​IMG]
     
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  16. fible1

    fible1 Well-known Member
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    You got my vote :).

    Pablo.
     
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  17. VytautasK

    VytautasK New Member

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    Thanks!
     
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  18. itscrazybro

    itscrazybro Active Member
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    Awesome stuff guys, I will definitely be supporting this! Although there may be the case to say we shouldn't have to pay for this, due to other debit card providers looking to integrate, I do think that it is wise to support the first integration. We then can look at declining further proposals because we already will have a debit card provider.
    I must say the timing of this proposal is uncanny, I was literally hours away from releasing this article http://dashmasternode.org/the-future-of-finance/, on exactly this subject. Was just going over it with InTheWoods and splawik21 before releasing it so here you are, enjoy :)
     
    #18 itscrazybro, Mar 20, 2016
    Last edited by a moderator: Mar 20, 2016
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  19. akhavr

    akhavr Active Member

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    I like this proposal, but, being a developer, I'd like to ask how exactly would the funds be used. Since you already have the bitcoin (and I was under impression that you have integration with other coins too, btw), what would be the tasks to implement the integration? Would be there a liquidity pool that would plug your exchange, which means you'd have to have a sufficient depth and liquidity on each of DASH/fiat markets? Or would you go simpler way through something like shapeshift.io?

    Feel free to PM me, if you'd like to drive deep :)
     
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  20. VytautasK

    VytautasK New Member

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    We will go a hard way and integrate DASH fully without intermediaries. Regarding exchange, we will try to create a liquidity pool as much as possible (also adding our own funds), but I believe sometimes we will have to settle at other places to if there will be a huge dismatch. Business wise, we assume these funds to pay for the development of our dash client and integration of it in parallel to bitcoin, however, we will have allocate funds for exchange and etc.
     
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  21. toknormal

    toknormal Active Member

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  22. TaoOfSatoshi

    TaoOfSatoshi Grizzled Member
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    toknormal You must have really enjoyed that article to post that twice!
     
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  23. alex-ru

    alex-ru Grizzled Member
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  24. akhavr

    akhavr Active Member

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  25. alex-ru

    alex-ru Grizzled Member
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    But it has 17% - more than other proposal with bigger sum ...

    oh. maybe because of "Payment start/end: 05-06-2016 / 21-07-2016 (added on 20-03-2016)" - so they intentionally ask for payment in... summer 2016 - strange...
     
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  26. akhavr

    akhavr Active Member

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    Time to prepare for the project and for the community to make the decision?
     
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  27. InTheWoods

    InTheWoods Well-known Member
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    Will one be able to hold the funds in Dash on this debit card and have the conversion be made automatically when using the debit card? Some debit card providers such gold based debit cards, that hold gold on the debit card, allow for instant conversion to fiat when you want to spend it.

    The way I see it this is not an actual Dash debit card but a fiat debit card attached to a cryptocurrency exchange.

    You've said in a previous post you will also introduce interest payments. Can you share more info on that?

    The details of your proposal are rather scarce, whole proposal text is one paragraph long. Also, how do we know you are who you say you are and not some impostor?
     
    #27 InTheWoods, Mar 22, 2016
    Last edited by a moderator: Mar 22, 2016
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  28. SnowHater

    SnowHater Active Member

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    So, why is it: "Next budget payments will occur 14 days and will provide 6500 DASH of 7449 DASH total available budget!"
    instead of: "Next budget payments will occur 14 days and will provide 5550 DASH of 7449 DASH total available budget!" ?
     
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  29. ericsammons

    ericsammons Active Member
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    I need to check to be sure, but I think it is simply because the initial payment date is not until June. Anything in red means it is not included in the next budget (for whatever reason).
     
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  30. ericsammons

    ericsammons Active Member
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    Okay, I've updated dashvotetracker.com to make this a bit more clear. If a proposal is set to a superblock beyond the next one, I have moved it to the bottom of the list and made it blue (you might have to refresh to get the blue style). This will allow us to see the progress of the vote, but also make it clear that this proposal isn't included in the next block.

    If anyone has any problems with this display, or sees any errors with it, let me know!
     
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