Reef Card is now available for everyone in the EEA and UK! Here’s what you need to know.
Reef Card, powered by Baanx, is now available in the EEA and UK. We’ve been working hard over the last while to make this dream a reality. We’d also like to thank you for your patience while we worked through some of the challenges: COVID-19 and production shortages, regulator changes, bugs and testing. As with any major financial launch, both us and Baanx had to ensure we did our due diligence so the card was fully functional with little to no bugs and ready to use! Both us and Baanx thank you again for your patience and understanding.
Reminder: Reef Card is only available for countries in the EEA and the United Kingdom. EEA countries include: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden. You must complete the Reef Card onboarding process before you can order your card. At this time, only REEF ERC20 is supported for Reef Card.
Ready to get your card now? Start here: reefcard.com
Reef Card and REEF ERC20
Reef Card is available in a physical and virtual card. Right now, you can order your physical Reef Card. Please be mindful of delivery times. For the virtual card, you can use it with GooglePay today! Apple Pay will be coming in the future. Right now, only REEF ERC20 tokens can be used and added to your Reef Card.
Order the physical card | Add it yourself to your Google Pay
Activating Your Reef Card
Activating your Reef Card is simple, and no different than activating any other card! However, you must first pass the onboarding process. Here are the steps:
- Go to reefcard.com
- Follow the sign up process. You will be KYC’d during this process.
- Once cleared, you will have access to your account. Here you can download the card to Google Pay or order a physical card. The card should arrive in 5–10 working days depending on location. However, you will also be given a digital representation of your card so you can start using it right away!
- Next, add your crypto to your card!
- Select “add funds”
- Use the address or QR code to add the funds
- Send the funds from your fiat or crypto wallet
- And voilà! Your funds should appear quickly.
- Select which wallet you want to spend from. You can choose up to five wallets. Spend REEF alongside BTC or USDT.
- Go have some fun!
Note: The first time you use your physical Reef Card, you will have to insert it into the payment terminal and input your PIN.
Reef Card and ATM use
When using your card at an ATM, you will be able to change your pin and withdraw cash. You will not be able to see your balance. This is because your balance lives on the blockchain in your wallet. The card is also a zero balance card, which will never hold a physical balance.
Reef Card FAQs
You asked, we listened! Here are the most frequently asked questions about Reef Card, taken from our Reef Card Q&A form.
What Reef token can I use for the card?
Reef Card will only support the deposits of REEF ERC20 (on Ethereum).
How much does Reef Card cost?
Reef Card will cost £10 or €10. The cost goes towards the material and production cost of the card. If you lose your card, you will have to pay for a replacement card.
How does the KYC process work and what will happen to our data?
Baanx is handling the KYC process through a third-party. Baanx follows all GDPR protocols and FCA regulations. During the sign-up process, you can review all the terms and conditions of their KYC process.
Where will we be able to use the Reef Card?
You can use Reef Card in your daily life with over 90 million merchants worldwide or anywhere that accepts mastercard as a payment
What currencies can I spend with the card?
You can spend in your native currency in the EEA and UK. However, all conversions are done in Baanx’s default currency, which is EUR.
Is there a cash back option?
At this time, Baanx’s card programs do not offer cashback. However, this is planned to change in the future, so stay tuned!
Will there be staking options?
There are no staking options at this time.
How many cryptocurrencies can I use to spend and is there a backup wallet available to avoid failed transactions because of insufficient funds?
You can add multiple wallets. For example, if your first wallet, let’s say BTC, has insufficient funds, your purchase will move to the next wallet to complete the transaction.
How will the conversion work and will CMC or CG be considered for the price conversion?
Our partner Baanx uses CryptoCompare for market rate fees.
Will I be subject to taxes by using Reef Card and how does Reef Card work with the tax policies in the EEA and UK?
No, neither Reef or Baanx are responsible for supplying questions relating to taxes. You are responsible for checking with your government body or tax association to confirm what is required. You can download your statements, but this is your private financial information. Although this may change in the future, as of now, it is your responsibility.
If I use my Reef Card in a country where only selling crypto is legal, would my purchase be considered a sell?
We suggest checking with your country’s crypto regulations. Reef Card is not spending crypto directly, the card is used as a bridge. When a user is spending, Baanx’s is removing the crypto and liquidating, and passing fiat to the merchant. The crypto stays within Baanx and they are also the ones who liquidate.
Can the physical card be managed from the app, such as freeze/block/report fraudulent transactions/view PIN/etc.?
Yes, you are able to freeze, block and view your PIN via the platform. All suspicious activity, such as fraudulent transactions, should go through Card Support Services: +44 203 318 3774.
Are there any benefits or advantages you get by using Reef Card?
At this time we do not have extra benefits or advantages setup nor a loyalty program. However, we will be considering this for the future!
What’s the card made of?
Plastic.
Will there be different card designs?
Not at this time, but we will consider it for the future!
Sharing Your Reef Card on Social Media!
We would love to see your experience shared on social media, to help grow the Reef Card and Reef community even bigger! Here are some of the safe ways you can show off your Reef Card:
- Snap pictures of you out and about with your Reef Card
- Share photos of transactions using your Reef Card
- Post payments made with your Reef Card
- Videos showing how you use your Reef Card
- Your own creative idea!
Make sure to tag us (@Reef_Chain) and Baanx (@BaanxGroup) so we can RT and share your tweets and posts! See more social links below.
Heads up! Some Reef Card holders have notice their card number is printed on the Reef Card mailer. In this case, we suggest blocking out the number before sharing. Please be mindful when sharing that you do not share personal information such as your card information, name, and statements!
About Reef
Reef Chain is a layer 1, Substrate based blockchain that is the most advanced Ethereum VM-compatible blockchain available. It’s self-upgradable and has on-chain governance. Its infrastructure also allows for EVM extensions which allows for native token bridge, scheduled calls (ie. recurring payments), and smart contract in-place code upgrades. In the near future, it will support an additional VM which will allow developers to write code in multiple programming languages. The network runs on a Nominated Proof-of-Stake (NPoS) consensus mechanism, which offers scalability and low fees.
🌎 Website: https://reef.io
🐦 Twitter: https://twitter.com/Reef_Chain
🗣 Discord: https://discord.com/invite/reefchain
💬 Telegram: https://t.me/Reef_Chain
📚 Medium: https://medium.com/reef-finance
About Baanx
Baanx offers Fintech services to the digital asset sector, including Cryptodraft and payment authorisation integration into VISA, Mastercard & other transaction payment systems. Baanx headquarters are in London (UK) with subsidiaries in Delaware (United States), Portugal and Lithuania.
Baanx manages digital assets with maximum privacy and security. The company is launching services for more than 30 top tier clients, including Ledger, the world’s largest hardware wallet provider with 4m customers worldwide. Baanx is managed by a seasoned team with over a hundred years of combined experience in banking, financial technology, cryptography, finance and digital marketing.
🌎 Website: https://baanx.com
🐦 Twitter: https://twitter.com/BaanxGroup
🗣 Linkedin: https://www.linkedin.com/company/baanxgroup
💬 Telegram: https://t.me/Baanx_BXX
📚 Medium: https://baanx.medium.com
