Phantom Wallet Rolls Out Phantom Cash Debit Card to U.S. Market
Phantom Wallet has launched a new on-chain debit card called “Phantom Cash” for users in the United States. This initiative is in partnership with Visa, Lead Bank, and Bridge Ventures.
Highlights
- Phantom Wallet launched an on-chain debit card called “Phantom Cash” for early users in the U.S.
- The aim is to bridge the gap between traditional finance and the crypto world.
- It allows users to spend on-chain stablecoins through Apple Pay and Google Pay.
What is Phantom Wallet?
Phantom Wallet is a non-custodial crypto wallet designed for managing digital assets, including tokens and NFTs. It is also used for interacting with Web3 Applications. It was initially built for Solana, but now supports Ethereum, Polygon, Bitcoin, and others. It can function as a browser extension or mobile app, providing users full control over their keys for secure self-custody.
Phantom steps into everyday payment with native on-chain debit cards
Cryptocurrency for everyday life has many benefits. It is quicker and cheaper for cross-border transactions and provides privacy for all payments. Now, Phantom Wallet has initiated the step to increase the everyday usability of cryptocurrencies. The company has launched its new on-chain debit card, “Phantom Cash,” and early access has been provided to users in the United States. As mentioned before, it was released in partnership with Visa, Lead Bank, and Bridge Ventures. The company plans to extend it globally soon.
Phantom Cash allows users to spend their cryptocurrency from their “Cash Account,” enabling them to access the funds stored on the blockchain immediately, unlike typical crypto debit cards, which require users to move their money into a custodian account or wait for the conversion before making a purchase.
Users can link their U.S. bank accounts via Stripe to instantly fund their Cash accounts. The most interesting aspect of this card is its compatibility with Apple Pay and Google Pay for quick transactions. It also enables peer-to-peer transactions, allowing users to send money instantly for free to any Phantom username or Solana wallet address. The funds can be settled in CASH on the Solana network.
Benefits of Phantom Cash on-chain Debit Card
The Phantom Cash on-chain debit card has several advantages. Let’s explore a few of them.
- Easy everyday spending
Users can use their stablecoin balance anywhere Visa is accepted. This includes online stores, in-apps, and physical stores via Apple Pay and Google Pay. The payment process converts crypto into USD in the background; however, in the foreground, a debit card transaction is placed.
- Self-custody and security
Individuals’ funds are held in self-custody called “Cash Account”. Here, users have complete control over their private keys, eliminating the risk usually associated with CEX. It ensures that because the funds are held in a self-custodial wallet, only the user has access to their funds, as Phantom and other third parties are unable to access them without the user’s private keys.
- Instant and Free Transfers & Swaps
P2P Payments: Users can send money instantly with Phantom Cash with zero charges. It can be sent to any Phantom username or Solana wallet using the in-app feature.
Fee-Free Stablecoin Swaps
Swapping between Solana-based stablecoins like USDC and the exclusive CASH stablecoin is free and gasless within the Cash Account, reducing friction and costs for managing digital assets.
Final Thoughts
Phantom Wallet’s new on-chain debit card payment option can help bring cryptocurrencies for real-world usage. Users have less control over their private keys on centralized exchanges like Coinbase, as the company controls the private keys. Additionally, these exchanges are more expensive and levy heavy fees based on payment methods and order size.
The Phantom Cash feature allows users to secure their wallet without the need to share the private keys with the platform. It automatically converts stablecoins into USD at the point of sale. Moreover, it is supported on Apple Pay and Google Pay. This feature will be available to users in the U.S., and it will be rolling out to other countries very soon.