Intelligent cryptocurrency services company Amon Tech has launched the Amon Card in the UK, a debit card that lets users convert and spend interest made on crypto investments.
The Amon Card, available now in the UK, is linked to Amon’s multi-currency wallet that’s capable of storing all major cryptocurrencies, including Bitcoin and Ethereum. It can also store fiat currency.
The “all-in-one” debit card lets users instantly convert and spend cryptocurrencies without leaving the Amon Wallet. Notably, the Amon Card can be linked to Amon’s interest service, Amon Earn, which lets investors earn up to 12% annual interest on their crypto assets.
It means investors that want to keep hold of their cryptocurrency for the long term can earn passive interest from their crypto portfolios – and then spend their earnings using the Amon Card.
Despite the growing mainstream adoption of cryptocurrencies from the likes of PayPal and Shopify, it can still be difficult to find retailers that accept cryptocurrency as payment.
It has historically left crypto investors with no alternative other than converting their digital coins into fiat currency, often being stung by high fees in the process.
Amon’s card is designed to bridge the gap between fiat and cryptocurrencies. Users reap the rewards of their investment without having to cash it in, thanks to Amon’s interest and reward schemes.
Amon has partnered with Celsius, a cryptocurrency API loan company, to provide weekly interest on the world’s most popular cryptocurrencies and stable coins.
The card also comes with cashback rewards, along with a free monthly meal from Uber Eats.
Amon’s team believes that this makes it feasible to make Bitcoin a “retirement plan for millennials” and for investors to use cryptocurrencies as a hedge against rising inflation.
The Amon Card is accepted by any retailers that accept UnionPay and can also be used online and to withdraw at ATMs.
Flexibility and security
The Amon Card is available in tiers – Midnight Elk, Silver Bison, Polar Bear and Black Wolf – that each come with unique bonuses.
The highest tier, Black Wolf, offers cashback of up to 3% paid back in AMN – Amon’s digital token.
To keep users’ cryptocurrency safe from theft, 95% of funds are stored in a cold wallet – hardware that is not connected to the internet.
That service is provided by BitGo, the FCA and SEC regulated digital asset custodian. The Amon Wallet is also protected by two-factor authentication and the company carries out regular security audits.
Funds can be deposited on Amon with a simple bank transfer and with no lock-in period. The result is a one-stop-shop for cryptocurrency investors in the form of a digital wallet to move funds around and a debit card to spend them.
Or, as Amon Tech CEO Daniele Izzo puts it: “The Amon Card provides flexibility and security. It’s the best of both worlds.”