When outsiders think about cryptocurrencies, they usually think of get-rich-quick schemes. Little do they know that none of the famous cryptocurrencies make people filthy-rich anymore – at least not overnight. However, it can’t be denied that sometimes some of the cryptos out in space generate very astonishing returns overnight. And recently we’ve witnessed the same kind of eye-popping returns in one of the less-known cryptocurrencies called Groestlecoin.
That’s right. Groestlecoin surged as much as 200% within a few hrs yesterday, thanks to a partnership with MasterCard. Such massive moves only happen after the arrival of some stunning news, and same was the case with Groestlecoin as well. On Monday company released a new crypto debit card developed in partnership with MasterCard, and on Tuesday its price doubled within a few hrs of trading. Since then it has retracted a bit from its 2x high due to some profit-booking, but it’s still up almost 172%.
The new debit card allows Groestlecoin users to pay with the coin on almost any MasterCard Point-of-Sale (PoS) terminal around the globe. A statement released by the company said:
“You can use your PolisPay Card for online shopping and at any brick and mortar retailer that accepts MasterCard debit cards. You can also withdraw cash at any MasterCard-compatible ATM.”
Offering a crypto-supported debit card, however, is no walk-in-the-park. In last few years a number of crypto debit card projects have shut down due to rejection from payment processing companies. The most high-profile project among them was Xapo, which had to shut down after the request of Visa. A statement released by the company on 4th of January said:
“As of January 4th, 2018, Wave Crest Holdings, Ltd. issuer of the Xapo Card Program, was instructed by Visa to cancel all its Visa Programs effective immediately. As a result, all the cards of the Xapo Cards Program were deactivated.”
In such a scenario it will be interesting to see for how long this new debit card program of Groestlecoin survives. But for now the launch of this program has left its impact on the price of Groestlecoin, thus generating some handsome quick-bucks for the speculators.
The price of Bitcoin, on the other hand, remains rangebound between $3,800 and $4,000. Ethereum price is also in the range of $130 – $150. Let’s see how things go today.