- With Mastercard and Argent, cryptocurrency payment company Kulipa is introducing its first debit card.
- Utilizing zk-technology, the card will guarantee inexpensive and expandable transactions.
Argent, a cryptocurrency wallet provider, is working with blockchain company Kulipa and Mastercard to develop a new payment card that uses cryptocurrencies. According to a press release released on Tuesday, Starknet’s zero-knowledge technology would be incorporated into the arrangement.
Co-founder and CEO of Kulipa, Axel Cateland, said in a statement, “We’re thrilled to be launching with Argent as our first non-custodial wallet and working alongside Mastercard to continue contributing to the global adoption of everyday crypto payments.”
The Kulipa-branded card eliminates the requirement for merchants to incorporate cryptocurrency payment methods by automatically converting Circle’s USDC +0.59% or Paxos-branded stablecoins to cash. According to the press release, this procedure guarantees a seamless debit payment experience for every Mastercard user and merchant worldwide, with on-chain settlement on practically any blockchain.
This is the most recent action taken by Visa and Mastercard, the two rival payment giants, as they further delve into the cryptocurrency space. Mastercard, for example, has been collaborating with hardware wallet company Ledger since late 2023 and has introduced cryptocurrency debit cards with significant blockchain infrastructure providers, such as 1inch and MetaMask. Visa has partnered with Solana to facilitate cross-border payments using USDC stablecoins.
The main goal of Argent, a DeFi-focused wallet with over two million users, is to improve Starknet, the Ethereum scaling layer. Argent is also a leader in account abstraction, a technique that simplifies the use of wallets based on smart contracts.
Itamar Lesuisse, CEO of Argent, claims that the new debit card would make use of zk-technology to guarantee scalable and affordable transactions. Lesuisse stated that users can take advantage of minimal fees and true scalability together with the assurance that their transactions are safe and completely non-custodial with the incorporation of zk technology.
Kulipa announced earlier this month that Fabric Ventures and White Star Capital are co-leading a $3 million early investment round. The Paris-based firm was established in 2023 with the goal of giving non-custodial wallets a way to produce cryptocurrency-based credit cards.
Stablecoin transactions can be settled by Kulipa on many blockchains, including as Ethereum, numerous Ethereum layer 2s, and Solana.
Stablecoin adoption has increased exponentially in the last few years, but its most obvious application—payments—has not yet caught on with the general public. White Star general partner Sep Alavi stated in a statement.
Kulipa was one of five blockchain firms that were part of the most recent Start Path incubator program offered by Mastercard.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
