Proposal: Dash debit card

VytautasK

New Member
Mar 20, 2016
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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.
 

alex-ru

Grizzled Member
Dash Support Group
Jul 14, 2014
2,374
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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!
 

VytautasK

New Member
Mar 20, 2016
14
51
13
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.
 

InTheWoods

Well-known Member
Foundation Member
Oct 12, 2014
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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.
 

VytautasK

New Member
Mar 20, 2016
14
51
13
i like the idea
very interesting , just that CAD(Canada) and BRL(Brazil) currencies are not listed =(

are you planning on adding more currencies in future ?
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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alex-ru

Grizzled Member
Dash Support Group
Jul 14, 2014
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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.
Interesting... Is it reliable information?
Where is it possible to read more about it?
 
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VytautasK

New Member
Mar 20, 2016
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Interesting... Is it reliable information?
Where is it possible to read more about it?
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.
 

InTheWoods

Well-known Member
Foundation Member
Oct 12, 2014
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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.
It's not suspicious at all because it would be tied to Masternodes, which have a 10-15% ROI.
 

itscrazybro

Active Member
Dash Support Group
Apr 14, 2014
137
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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 :)
 
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akhavr

Active Member
Oct 11, 2014
760
379
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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 :)
 

VytautasK

New Member
Mar 20, 2016
14
51
13
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 :)
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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alex-ru

Grizzled Member
Dash Support Group
Jul 14, 2014
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"But it will not be included with next budget. This proposal exceeds the remaining unallocated budget of 949 DASH!" ?

https://www.dashwhale.org/p/dash-debit-card
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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akhavr

Active Member
Oct 11, 2014
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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...
Time to prepare for the project and for the community to make the decision?
 
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InTheWoods

Well-known Member
Foundation Member
Oct 12, 2014
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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.
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?
 
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SnowHater

Active Member
Dec 25, 2015
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Time to prepare for the project and for the community to make the decision?
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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ericsammons

Active Member
Masternode Owner/Operator
Jan 1, 2016
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ericsammons.com
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!