Cryptocard and Vexel wallet: payments in cryptocurrencies around the world

Cryptocard and Vexel wallet: payments in cryptocurrencies around the world

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The Vexel platform has updated its cryptocurrency wallet and added the ability to issue a cryptocurrency card through the UnionPay payment system.

Vexel is a platform for buying, selling, exchanging, storing and transferring crypto assets that has been operating on the Russian market since 2018. Recently, the project team carried out a rebranding, improved the wallet for storing and exchanging crypto assets, and also launched the issuance of a cryptocurrency card of the UnionPay payment system from Guavabank, available to Russians. The card can be replenished with cryptocurrencies and fiat, as well as withdraw money to Russian ruble bank cards and crypto wallets.

Registration and verification

To start working with the platform, you need to register and pass verification. At the first step, you need to specify a name, email and come up with a complex password to protect your account.

Cryptocard and Vexel wallet: payments in cryptocurrencies around the world

After that, you will receive an email with a confirmation code. It must be entered on the registration page, after which access to the personal account and to the Vexel cryptocurrency wallet is opened.

Cryptocard and Vexel wallet: payments in cryptocurrencies around the world

In your personal account there is a button "Pass Verification" to complete the registration process. Without identity verification, the user's options are limited. For example, there are restrictions on the withdrawal and replenishment of the account, as well as the issuance of a cryptocurrency card, bank transfers and the use of the "Loans" and "Deposits" services, which will soon be launched. 

However, if you are interested in using the service only for the exchange of crypto assets in small volumes, a basic registration will be enough.

Before passing verification, we recommend activating two-factor authentication to increase the security of your account. To do this, go to the settings and select the appropriate item in the menu, and then follow the instructions on the page.

Cryptocard and Vexel wallet: payments in cryptocurrencies around the world

To pass verification, you need to click the appropriate button on the main page of your personal account. In the pop-up window, we agree to the processing of personal data (after reading the Privacy Policy) and proceed to the next step - filling in personal information. 

It is more convenient to pass verification from a mobile device through the Vexel application (App Store, Google Play, APK file), since in addition to providing a copy of an identity card, at the last step you will need to take a selfie. First you need to fill in the basic data - information about the country of residence, home address, place of work, gender, citizenship. Please note that in addition to your passport, proof of residential address is required. For this, for example, a receipt for an apartment is suitable.

 

Cryptocard and Vexel wallet: payments in cryptocurrencies around the world

Platform features

After verification, all Vexel services become available to the user in full:

  1. Exchange fiat currencies (USD, RUB, EUR) to BTC, ETH, USDT (TRC-20, ERC-20), LTC, BCH, USDC ERC-20, DASH.

  2. Replenishment accounts in crypto assets and fiat currencies, as well as through an exchanger.

  3. Conclusion to cryptocurrency wallets, Russian ruble bank cards (Visa/Mastercard/MIR/Maestro/Unionpay), via SEPA/SWIFT(EUR) (not available for users in Russia and Belarus), as well as to other Vexel wallets.

  4. Purchase crypto assets from a bank card (now unavailable for residents of Russia and Belarus due to sanctions).

  5. Decor cryptocurrency card to pay for goods and services.

By default, a new user has access to accounts in USDT ERC-20, BTC, as well as US dollars and rubles. To add support for other crypto assets and fiat currencies, you need to click the "New account or product" button and select the asset of interest from the list.

Cryptocard and Vexel wallet: payments in cryptocurrencies around the world

The personal account also displays the current cryptocurrency rates on the platform.

Cryptocard and Vexel wallet: payments in cryptocurrencies around the world

Cryptocurrency card Vexel

The Vexel cryptocard allows you to make payments to pay for services and goods. At the time of payment, there is an automatic conversion into the required currency. Cash withdrawals from ATMs are also available. To make transactions, you need a physical card, which is delivered within four weeks after registration. There is currently no virtual card, but Vexel promises to add such an option in the future.

The cost of issuing a card is €100, and the monthly maintenance fee is €5. More information about the limits and tariffs of the card can be found here, and the terms of service - here.

Cryptocard and Vexel wallet: payments in cryptocurrencies around the world

The card issuer is the British fintech company GUAVAPAY, which provides BaaS (Banking-as-a-Service) services. GUAVAPAY is an e-money issuer regulated by the UK Financial Conduct Authority (FCA). All cards are issued by the company under license (FCA Reference Number (FRN) 900888).

Guavapay Limited is also licensed by UnionPay International, which allows it to issue UnionPay payment system cards, which include Vexel crypto cards. UnionPay cards became popular among Russians after Visa and Mastercard imposed restrictions on the use of cards of their payment systems by Russian citizens.

Cryptocard and Vexel wallet: payments in cryptocurrencies around the world

Photo of the Vexel cryptocurrency card from the reviews of users of the service

UnionPay is an international payment system like Visa and MasterCard. Created in China and popular mainly there, however, UP cards are accepted in 180 countries and regions, including Russia. 

The main disadvantage of this card is that not all stores and companies are ready to accept payments through the UnionPay system. If you plan to use the card mainly to pay for goods and services, it is better to find out in advance whether payment through UP is possible. Answers to popular questions about using the Vexel crypto card are here.

Card design

To issue a card, you need to have €100 on your Vexel account. You can replenish your account with MIR, UnionPay, Visa, MasterCard cards. In addition, you can deposit another fiat currency or crypto asset via bank/crypto transfer and then exchange them for euros inside the Vexel wallet.

After replenishing the account, you need to click the “Order” button in your personal account or on the main page of the site and confirm your personal data, delivery address, and specify a secret word. You can track the status of the card in your personal account. A notification about the readiness of the card will be sent via SMS, and the card itself will be delivered to the recipient personally by CDEK. After receiving a physical card, it must be activated.

Cryptocard and Vexel wallet: payments in cryptocurrencies around the world

Photo of the Vexel cryptocurrency card from the reviews of users of the service

Cryptocurrency cards make it possible to spend crypto assets, paying for goods and services with them in companies that are not yet ready to directly accept cryptocurrency payments, as well as make purchases while traveling abroad. The value of such cards becomes especially high in the context of geopolitical tensions, restrictions imposed by large financial institutions and due to the large number of people who do not have access to banking services.

The Vexel team plans to further expand the capabilities of its services. Vexel plans to launch virtual MasterCard cards, adding the ability to purchase crypto assets from a card in US dollars, British pounds and tenge, as well as from Russian cards in the UP system. In addition, crypto-currency lending and deposits services will soon be launched, as well as business solutions - invoicing, connecting sites to the payment system, API for developers, and more.

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