An important event that occurred not only in the crypto world, but in the entire financial market when news reports emerged of an agreement between Hashfort and Codego. According to Hashfort’s announcement, the company has acquired Codego to enhance its value proposition and expand its presence in the payments value chain, including fiat and e-money.
While Hashfort is one of the prominent names in the crypto sector with brands such as Folgory and WLNE, Codego is specialized in software platforms for Core Banking in combination with BaaS (Bank as a Service). The incorporation of Codego into the Hashfort world has enabled the reorganization of both companies’ offerings, resulting in an exceptional value addition for their users. Going forward, Hashfort will focus more on providing services, while Codego will continue to provide software platforms to the financial world, especially cryptocurrency exchanges.
At the same time, one of the most plausible and anticipated improvements in the market offering of this operation is the enrichment of Folgory’s portfolio. The results of such improvements are already evident as Folgory offers its customers the opportunity to take advantage of a full range of banking services, including multi-currency accounts and debit cards.
The ability of cryptocurrencies to offer debit cards to users has long been an urgent need for crypto projects and exchange owners, which is precisely why expectations are high in this regard. There are already numerous major players who have expressed concrete interest in the new card following early market rumors and speculation about the opportunities arising from Hashfort’s acquisition of Codego.
Now confirmed, the crypto debit card will be issued in conjunction with Folgory’s services and can be requested by an end customer who is already trading with coins listed on the Folgory platform. Initially, the cards can offer two levels of customization including
- a co-branded card for everyone mint listed on Folgory issued by the platform, at the request of this one mint.
- a fully customized map issued by the mint itself, complete with your own logo and custom design.
As an extra feature, the mint will be able to integrate his card with any white label solution developed by Codego.
Making the news even juicier are the prices. The start-up costs for the operation for a new one mint from GBP 2000 (GBP 4000 for the fully customized version), with a price of GBP 3.5 per card. At this pricing, it is clear that the entry costs for it mint is extremely low. Each end-user pays 20 EUR (17.79 GBP) to use the card, and Folgory shares the revenue with the mint, in the form of cashback for each card issued.
The new deal is designed to be a simple and hugely powerful business model at the same time. Cryptocurrency projects can now start placing pre-orders for as little as 2000 cards. In the coming days, one can expect these cards to hit the market and provide the crypto community with additional convenience when it comes to spending their assets.