An important event, as it happened not only in the crypto world, but in the entire financial market, when news reports emerged from an agreement between Hashfort and Codego. According to Hashfort’s announcement, the company has acquired Codego to improve its value proposition and expand its presence in the payments value chain, including fiat and e-money.
While Hashfort is one of the best known names in the crypto sector with brands like Folgory and WLNE, Codego specializes in software platforms for core banking in combination with BaaS (Bank as a Service). The integration of Codego into the Hashfort world made it possible to reorganize the offers of both companies, which led to an extraordinary added value for their users. In the future, Hashfort will focus more on providing services, while Codego will continue to provide software platforms for the financial world, especially for exchanging cryptocurrencies.
At the same time, one of the most plausible and anticipated improvements in market supply from this operation is the enrichment of Folgory’s portfolio. The results of such improvements can already be seen when Folgory offers its customers the ability to use the full range of banking services, including multi-currency accounts and debit cards.
The ability for cryptocurrencies to offer debit cards to users has long been a pressing need for crypto projects and exchange owners, and it is for this very reason that expectations are high at this point. There are already numerous large companies that, following early market rumors and speculation about the opportunities that will arise from the takeover of Codego by Hashfort, have expressed specific interest in the new card.
Now confirmed, the crypto debit card will be issued in combination with Folgory’s services and can be requested by an end customer who is already making transactions with coins listed on the Folgory platform. Initially, the cards may offer two levels of customization, including
- a co-branded card for each coin listed on Folgory and issued from that coin by the platform upon request.
- A fully customized card issued by the coin itself, with its own logo and bespoke design.
As an additional feature, the coin can integrate its card into any white label solution developed by Codego.
Making the news even juicier is the pricing. The set-up cost of running a new coin starts from £ 2000 (£ 4000 for the fully customized version) with a cost of £ 3.5 per card. With this pricing, it is evident that the cost of access to the coin is extremely low. Each end user pays EUR 20 (£ 17.79) to claim the card, and Folgory shares the revenue with the coin in the form of cashback for each card issued.
The new deal should be a simple and immensely powerful business model at the same time. Cryptocurrency projects can now place pre-orders for only 2000 cards. In the coming days, these cards can be expected to hit the market, adding extra convenience to the crypto community when it comes to spending their wealth.
