Reef Card is coming June 2022! UPDATED

Disclaimer: This article was updated on June 15, 2022 to reflect the new changes to our Reef Card launch. Due to technical and issuer delays, we were unable to share Reef Card in March, which was the original article date. However, we are now ready to share Reef Card as part of our early adopters program.

This article is also an update on our Reef MasterCard (Reef Card) and shares with you about the latest information and updates. Below we describe the current state of Reef Card, it’s features and benefits. This article will be updated with new information including any news or changes. Read below for anticipated dates around Reef Card’s arrival!

Crypto debit cards are becoming a hot ticket in the real world. The idea of being able to spend* crypto to go to the movies, buy a new pair of kicks, or even a house, excites us all! Until now, it’s been difficult to spend* cryptocurrencies in real life and online. For example, few websites or shops accept digital currencies due to their volatile nature and lack of physical world use cases. But, that’s about the change — Hello, Reef Card!

*Spend your crypto, let your card convert them to fiat only at the time of purchase

Reef Card — Coming June 2022! UPDATED

A Message from Reef
We’re excited to say the Reef Card is finally set to be launched this June to early adopters living in the UK and Italy. Due to manufacturing issues, the card was delayed. Both Reef and Baanx have been working hard to push the card from idea to production to your hands. Stay tuned for the full release. In the meantime, you can sign up for the waitlist here. The first 5,000 on the waitlist will receive their digital and physical cards first.

All people wishing to get the Reef Card must be KYC approved. All countries in the EEA and UK are able to sign up right now. We’ll also be hosting a number of fun marketing activities with Baanx for the full launch.

The development of Reef Card is in its final stages, and we are now proud to announce our strategic partnership with Baanx, an experienced partner for financial services offering fintech services to the digital asset sector, including CryptoDraft and payment authorisation integration into VISA, MasterCard and other transaction payment systems. At launch, Reef Card will only be available for Reefians in the United Kingdom and Europe.

The Baanx team are professionals in bridging the gap between fiat and digital asset technology via their powerful iFrame, API, and Whitelabel solutions. Currently, Baanx is connecting Reef to its platform and ensuring a highly secure and cutting-edge payment system.

Reef Card will offer many awesome features, allowing you to use your crypto on a daily basis in real life. Here’s how it works:

1. Spend your $REEF in stores and online with a physical or virtual card

With Reef Card, you can buy directly from 40 million merchants worldwide. How it works: transfer $REEF to your card wallet, pay with your $REEF, and your Reef Card automatically converts your crypto to fiat.

There will be two types of Reef Card: a physical card and a virtual card. The virtual card will be supported by Google Pay and Apple Pay. Google Pay will be available right away with Apple Pay coming next. Currently, Apple Pay support is still pending.

2. Close to zero fees

Getting the Reef Card will be quick once you complete KYC, and Reef will not charge any administrative or processing fees. Reef is also looking into subsidizing any fees, creating tiers, and staking opportunities for Reef Card holders. Each transaction that takes place on the card will be charged a very small percentage. Third-party fees may still be applicable.

Third-party fees could include:

• Free retail transactions/payments 0 fees (domestic, EU, and worldwide)
• Free number of transactions 0 fees (domestic, EU, and worldwide)
• Withdrawal cost from 2.5 EUR in EEA and 3 EUR worldwide

More details about charges, number of transactions, and other fees will be provided with your Reef Card.

3. #hodl and exchange only when needed

Keep your crypto savings and only convert when you spend. Reef Card only converts your $REEF to fiat when you spend. No need to convert beforehand. This includes online, in-person, and at crypto ATMs.

Cheers to the Future: Reef Card & Crypto Debit Cards!

Crypto debit cards will play an important role in driving public crypto adoption. They’re working to ease public concerns while offering holders the opportunity to spend their cryptocurrency in real life. We at Reef have been working hard over the last year to push this crypto card dream to reality, and we are thrilled that this dream is finally coming to life, and soon to your wallets and hands.

Stay close for the full launch! We can’t wait to share this crypto debit card movement with you. You can sign up for the waitlist here!

Updated: April 11, 2022
Updated: June 15, 2022

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/ReefDeFi
🗣 Discord: https://discord.gg/reefchain
💬 Telegram: https://t.me/reefchain
📚 Medium: https://medium.com/reef-finance

About Baanx

Baanx offers Fintech services to the digital asset sector, including crypto draft “Better Than A Loan” 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 using military grade cryptography for maximum privacy and security with digital asset insurance through their partners up to $100m. 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