Simone Binotto Torre explained that some parameters like geography can make it difficult for crypto cards to have broader adoption.
At the Blockchain Economy Dubai Summit 2022, Cointelegraph spoke with Codego CEO Simone Binotto Torre about crypto cards. During the conversation, the executive argued that one of the catalysts for broader adoption is the simple ability to make purchases with your crypto through a credit or debit card.
Even with Web3 use cases sprouting left and right within the space, the ability to spend crypto to make purchases at real-world stores and shops is still one of the most important applications for digital assets, according to Torre.
Simone Binotto Torre at the Blockchain Economy Dubai Summit 2022
The exec highlighted that it’s important for holders to be able to easily purchase goods and services with crypto, stating that building a banking platform that lets cards automatically convert crypto into fiat is vital to the community, and this is what the team wanted to focus on. He said:
“This is important because users will have the possibility to spend in real life. […] And we create, of course, this bridge between the crypto virtual asset world and the real one.”
Apart from crypto cards, the executive also commented on the current state of the crypto space and encouraged the community to be patient during this time. Torre said that it’s very important to be patient while investing during the bear market. He explained:
“The original concept of crypto, which was like invest and then keep, in my opinion, is a little bit lost. So, the people want to make speculations, but for me, now is the time to invest and just be patient.”
When asked about the current situation of crypto card providers within the blockchain space, Torre answered that there are still many limitations. He explained that some parameters like geography can make it difficult for crypto cards to have broader adoption.
Related: Mastercard’s latest partnership to help banks distribute crypto cards
The executive also highlighted the importance of crypto cards supporting smaller cryptocurrencies and not just focusing on big names such as Bitcoin (BTC), Ether (ETH) and Solana’s SOL (SOL) token. Torre believes that this will give users the option to spend lesser-known cryptocurrencies and hold on to the more popular ones that they don’t want to let go of.