FinTech and blockchain pioneers Elitium have just launched the first genuine credit card in the cryptocurrency space.
The Elitium Diamond Card offers an instant US $10,000 credit line to cardholders. All applicants have to do is deposit 100,000 EUM into their Elitium dashboard. Then, request to operate an Elitium masternode.
World’s First Real Crypto Credit Card
Existing crypto credit cards require borrowers to deposit a balance of Bitcoin to access credit in a second cryptocurrency: typically, stablecoin Tether. At face value, this does not reflect a genuine credit card offering.
In contrast, the Elitium Diamond Card offers a dollar-denominated credit line of up to $10,000. And this becomes instantly available once the applicant gains access to their Elitium masternode.
All that’s required to run a masternode is the completion of a simple identity verification process, followed by an EUM deposit. And the Diamond Card not only offers a credit line. It includes several other benefits:
Use the credit card in over 46 million shops worldwide
Get 1% cashback on all spending (in EUM, USD, or gold)
Use your masternode rewards to pay off your balance
The Diamond Card is expected to be hard to come by. Given that each cardholder must operate an Elitium masternode, there are just eighteen in existence.
Spend EUM, Earn Gold.
Every diamond cardholder will receive up to 25% rewards from their masternode investment. And cardholders can use these rewards to repay their credit card balance.
Cardholders will also earn 1% cashback on all spending. And they can set a cashback preference in the Elitium Dashboard, choosing EUM, USD, even gold: a choice that’s never been available in the world of credit cards, let alone crypto credit cards.
If they choose gold, they will earn the precious metal every time they use the card, receiving 1% of the total value of each transaction in the form of PAX Gold: an ERC-20 token backed by real LBMA-accredited London Good Delivery gold bar, which Paxos stores in the most secure vaults in the world. Cardholders can even redeem their gold bullion via a global network of physical gold retailers.
Thanks to this cashback innovation, users have a simple way to earn, hold, and track a portfolio of diversified assets within a fully-secured, easy-to-access platform — adapting their risk profile according to their preferences.
A final key point of difference is, Elitium requires no proof of the applicants’ salary and performs no bank account checks, meaning anyone can request a Diamond Card.
As a result, entrepreneurs, solopreneurs, or anyone with a less typical income profile can secure a credit card. While the Diamond Card itself works more like a regular debit card, except it allows cardholders to have a $0 balance and still spend. All without fees, all thanks to the US $10,000 credit line.
(Syndicated press content)