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The Florida-headquartered blockchain startup Centra Tech has successfully completed its ICO on September 25 to fund the development of its cryptocurrency debit card service and marketplace.
Centra Tech is a multi-blockchain debit card provider that allows users to spend digital currency anywhere where bank cards are accepted with zero percent exchange, spend, and withdrawal fees.
Centra’s product suite includes several different types of debit cards ranging from the Centra Titanium Metal Founders Card to the Centra Blue Card, which were sold during the company’s token sale to early backers. Currently, Centra’s debit cards support Bitcoin (BTC), Ether (ETH), Litecoin (LTC), ERC20 tokens, Ripple (XRP), Zcash (ZEC), and Dash through the Centra Smart Wallet.
The Centra mobile wallet is available on iOS App Store and the Google Play Store and will enable users around the world to access, control, and utilize their Centra cryptocurrency debit cards. Additionally, Centra announced in its whitepaper that all funds stored in the Centra Smart Wallet will be insured so that in the event of loss of funds due to technical errors or a security breach, users will not suffer any financial losses.
Furthermore, Centra Tech is also launching a cryptocurrency-based Amazon-like marketplace called cBay where users from anywhere in the world will be able to purchase a wide range of goods and services using cryptocurrency. Given the lack of merchant acceptance for digital currencies, such a marketplace will be welcome among cryptocurrency users and could see substantial growth as cryptocurrency adoption continues globally.
According to its website, Centra’s mission is “to bring all cryptocurrencies together and making them spendable in real life.” By launching a multi-cryptocurrency debit card and a large e-commerce portal that accept cryptocurrencies, Centra is taking important steps towards completing this mission.
While cryptocurrency users have benefited greatly from the increase in value of their digital assets, one of the major issues that holders face is actually spending their digital currency in the real world.
Global merchant acceptance is still very low and, so far, very few large retailers have taken the steps to accept bitcoin as a payment method. Through the launch of the Centra debit cards, users will now be able to freely spend their cryptocurrency anywhere Visa or Mastercard is accepted.
This will be useful for cryptocurrency users in the U.S. and other developed nations. In developing economies the Centra card will be especially impactful as it has the power to provide services to underbanked communities, which includes 38 percent of the world’s adult population.
“Americans and most first world citizens know that when they swipe a card that their government will support the dollar or currency that is being spent but in places like Zimbabwe there are 100 trillion dollar notes in circulation because the government of that country mismanaged their currency and left the people in dire circumstances,” Centra CMO Bob Farkas told the Huffington Post.
The CTR Token is Now Tradable on Binance Exchange
As Centra’s ICO concluded on September 25, the project’s digital token, Centra (CTR), is now tradable on several leading cryptocurrency exchanges. Out of the 100 million total CTR token supply, 68 percent were sold during the token sale and are now in circulation.
Binance has listed Centra’s inhouse token CTR with BTC/CTR and ETH/CTR pairs opening up trading for users of it’s platform.
The Centra token (CTR) is a utility token that provides holders with benefits and rewards when utilizing their Centra debit card and when transacting on cBay. It is an Ethereum-based ER20 token that can be held in Ethereum wallets such as MyEtherWallet, Mist, Parity, Metamask and the popular hardware wallet Ledger Nano S.