New debit card will make cryptocurrencies 'easier to spend'

A startup in Singaporean has designed a debit card that is capable of converting multiple digital currencies in to dollars, yen and euros.

TenX has built an app that serves as a digital wallet which is connected to a Visa debit card. When one of the cards is used, the merchant is paid in local currency and the cardholder's crypto account is debited.

According to co-founder Julian Hosp, the card supports eight digital currencies, including Bitcoin and Ether with an aim to offer 11 by the end of 2017.

The card, which has a limit of $2,000 a year, is currently processing roughly $100k worth of transactions a month. It hopes to increase on that, with a target of $100m per month by the end of 2018. TenX take a 2% cut from each transaction.

TenX, who were a part of PayPal's incubator program last year, raised $34m in just seven minutes during its ICO last month.