Merlin Egalite 🕛@MerlinEgalite
Today Moonwell is unveiling its Debit Card
One of the most significant problems of crypto is its lack of connectivity to the real world. People have cryptos but don't spend them in the real world either because of a lack of good UX or tax considerations. It gets stuck on CEX or onchain protocols providing limited meaningful values.
To fix this, @MoonwellDeFi is partnering with @Cypher_HQ_ to offer a seamless experience to spend cryptos in over 180 countries via a noncustodial crypto debit card. Basically, you can earn/borrow USDC from the Moonwell X Morpho integration and spend it whenever and wherever you want. Users retain full control of their savings.
Here is how it works:
a) Users get the card going through a quick KYC process (5min).
b) They can load their card with USDC and many other assets using several options:
1. Borrow USDC against any collateral available on Moonwell;
2. Deposit and withdraw assets from Moonwell Morpho Vault;
3. Activate autoloading, ie doing (2) automatically whenever the card's balance is below a threshold set by the user (just requires an approval).
Under the hood, Cypher abstracts away the complexity of off-ramping the USDC using @circle Mint to send USD to the card.
c) Users can now shop in 180 countries anywhere VISA is accepted using Apple Pay, Google Pay, and soon a physical card. 🛒
The experience can be improved even more by using @coinbase's smart wallet on @base, as all steps can be bundled together into 1 single action.
