An important event as occurred in not just the crypto world, but the entire financial market as news reports emerge of 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 payment value chain, including fiat as well as e-money.
While Hashfort is one of the prominent 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 incorporation of Codego into the Hashfort world has made it possible to reorganize the offerings from both companies resulting in exceptional value addition for their users. Moving forward, Hashfort will focus more on offering services while Codego will continue providing software platforms to the financial world, especially cryptocurrency exchanges.
At the same time, one of the most plausible and expected improvements in the market offering from this operation is the enrichment of Folgory’s portfolio. The results of such improvements are already visible as Folgory has started offering its customers the opportunity to take advantage of a full range of banking services, including multi-currency accounts and debit cards.
The possibility of cryptocurrencies offering debit cards for users has been a pressing need for crypto projects and exchange owners for a long time, and it is precisely for this reason that the expectations are high at this point. There are already numerous big players who have expressed concrete interest in the new card following early market rumors and speculations about the possibilities arising from Hashfort’s acquisition of Codego.
Now confirmed, the crypto debit card will be issued in combination with the services of Folgory and it can be requested by an end customer already conducting transactions with coins listed on the Folgory platform. Initially, the cards may offer two levels of customization that includes
- a co-branded card for any coin listed on Folgory issued by the platform, upon request from such coin.
- a fully customized card issued by the coin itself, complete with its own logo and tailored design.
As an additional feature, the coin will be able to integrate its card with any white label solution developed by Codego.
Making the news even more juicy is the pricing. The set-up cost for the operation for a new coin starts from GBP 2000 (GBP 4000 for the fully customized version), with a cost per card of GBP 3.5. At this pricing, it is evident that the access cost for the coin is extremely low. Each end-user will pay EUR 20 (GBP 17.79) to avail the card, and Folgory will share revenues with the coin, in the form of cashback for each issued card.
The new deal is designed to be a simple and immensely powerful business model at the same time. Cryptocurrency projects can now start placing pre-orders for as few as 2000 cards. In the coming days, one can expect these cards to hit the market, offering added convenience to the crypto community when it comes to spending their assets.
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