Ukrainian cryptocurrency bank card startup Weld Money attracts investment

Concorde Capital (Ukraine), Magnus Capital (USA), and 7 O’Clock Capital (China) have invested in Ukrainian startup Weld Money, which allows users to pay with cryptocurrency like a regular bank card.

As representatives of the startup said, they plan to launch the Weld Money card in Ukraine this October; and by the end of the year — in Europe and post-Soviet countries.

Pay with cryptocurrency at any store

The idea of the startup is that cryptocurrency holders can pay with a Weld Money cryptocurrency card for any purchase or service. The card activation has three steps:

  • Fill out the form on the website and get a virtual card
  • Using the Weld Money application, connect to this card via API any exchange with cryptocurrency
  • Add a card to Apple / Google Pay

After that, you can pay for any online or offline purchases with a Weld Money card like a regular bank card, and the amount spent will be debited in equivalent from the stock exchange.

“At first, cryptocurrency was used by a rather narrow circle of tech-savvy people, and only for large transfers due to high transaction fees and many difficulties in withdrawing to fiat. We want to make crypto payment for the purchase of any good or service simple and convenient,” said Alexey Bobok, co-founder of the Weld Money project.

Weld Money will be available this October

It is planned that the Weld Money card will start working in October this year in Ukraine, and by the end of the year in Europe and the CIS countries.

“Weld’s payment solution is the best solution to the current market needs of users. We expect to get a significant part of the CIS payment market,” said Jonathan Poots, a spokesman for Magnus Capital.

Igor Mazepa, CEO of Concorde Capital, noted that in recent years, the company, in addition to the traditional investment banking business, has been developing as a private equity fund and is looking at various promising areas, including the cryptocurrency market.

“We are starting a new direction for ourselves with investments in the startup Weld Money. We see great prospects in this market. It is clear that, as in most startups, there are risks, but there is simply no point in denying that crypt has become a part of the new reality,” said Igor Mazepa.