Reef’s highly anticipated Reef Card is officially available to crypto holders

by Arthur · September 1, 2022

Reef, a layer 1 substrate-based blockchain for DeFi, NFTs and gaming, today announced that the highly anticipated Reef Card is now available to people in the UK and Europe.

Reef has worked with Baanx, an experienced partner for revolutionary web3 financial solutions, to create and manufacture the Reef Card. Reef Card, powered by Baanx, is part of MasterCard’s crypto debit line.

Due to covid and material production delays, the card was put on hold until this year. It is now officially available to everyone in the UK and EEA.

Denko Mancheski, Managing Director of Reef, said: “We feel good about the future of Reef and over the past year we have been working hard with Baanx to bring the Reef Card to life. We are delighted to have it available now and give hodlers the opportunity to spend their cryptocurrencies in the physical world.”

Crypto debit cards have become a popular ticket in the physical world as they add a new layer of utility to the tokens and cryptocurrency landscape.

Reef Card holders will be able to use only crypto and have the card convert it to fiat upon purchase, and they will be able to use their card at over 90 million merchants worldwide and even withdraw fiat at certain ATMs.

Initially, the Reef Card will be available as a physical card and Google Play right away. Apple Pay is coming next.

Garth Howat, CEO of Baanx, said: “It is very exciting to see more companies and communities adopting our solutions to bridge the gap between DeFi and traditional finance. We have been working hard with the Reef team on this project, such that the community can enjoy the Reef’s ecosystem to the fullest.”

It continues to develop and expand its blockchain, rapidly gaining momentum on its way to becoming one of the top five Web3 blockchains.

Recently, Reef launched an NFT division, attended Binance Blockchain Week in Dubai, and launched ReefScan V2 and a new $REEF Community Staking Bond. The Reef Card is another innovative addition to the rise of the chain and their original token $REEF.

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About Reef

Reef’s Substrate-based Layer 1 blockchain with smart contract functionality offers an intuitive user experience, high scalability and low fees, helping the ecosystem to be a go-to platform for NFT projects.

It is the most advanced EVM compatible blockchain with smart contract functionality. Based on a Nominated Proof-of-Stake (NPoS) consensus mechanism, the network offers low fees and scalability, in addition to a myriad of features including native token bridges, on-chain governance, periodic payments and much more.

Eventually, the platform will also support an additional virtual machine that will allow developers to write code in several different programming languages.

About Baanx

Baanx offers Fintech services to the digital asset sector, including Cryptodraft and payment authorization integration in VISA, Mastercard & other transactional payment systems.

Baanx headquarters are in London (UK), with subsidiaries in Delaware (USA), Portugal and Lithuania. It manages digital assets with maximum privacy and security. The company launches services for more than 25 top clients, including Ledger and Reef.

Baanx is led by an experienced team with over a hundred years of combined experience in banking, financial technology, cryptography, finance and digital marketing.

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