To the dismay of decentralists, the relationship between traditional institutions and the crypto world has always been one-sided, with the former group consistently having the upper hand over the latter. However, with the arrival of crypto-backed debit and credit cards, some are claiming that the tables are poised to turn.
On Monday, Prague-based Changelly, a popular “instant” cryptocurrency exchange, recently revealed that entered a strategic partnership with Simplex, a global fintech payment processor, to offer fiat-to-crypto support for Ripple’s XRP. Now, users of the international platform will be able to purchase XRP with their credit card. This near-instant service doesn’t come cheap, however, as the two partners reportedly charge 10% per fiat transaction — essentially an arm and a leg.