GRS, the token behind the Groestlcoin project, enjoyed a spectacular 226% jump yesterday after announcing the launch of a MasterCard-backed debit card. The announcement saw the coin quickly jump from $0.23 to a peak of $0.75 before settling back down to $0.52. Groestlcoin claim that the card, which adds to the growing number of crypto debit cards, can be used anywhere that MasterCard is accepted, including ATMs, and is a perfect accompaniment to their token – a fast, secure, privacy-oriented currency.
First Debit Card for Groestlcoin $GRS is here! And is backed by MasterCard®!https://t.co/nin6n1qSIh
» Use it in any retail/online shop that accepts MasterCard debit cards.
» Withdraw cash at any MasterCard-compatible ATM.
— Groestlcoin (GRS) (@GroestlcoinTeam) March 11, 2019
Will Groestlcoin’s Card Solve the Crypto Card Riddle?
The Groestlcoin debit card utilizes a wallet operated by another cryptocurrency, Polis, which allows fiat currency and GRS tokens to be added and spent. Crucially however, it is not clear whether GRS tokens will be converted to fiat at the point of sale, or if they need to be converted to fiat prior to purchase. This has been a huge sticking point for crypto cards since Wavecrest and Visa had a falling out in January 2018, which caused most crypto cards to cease functioning, since when point-of-sale transfers have been disabled, presenting a huge barrier to mass adoption. Without definite confirmation, it seems that this is still the case with the Groestlcoin card.
Mixed Reactions to the News
Groestlcoin fans were unsurprisingly excited about the development, as presumably were GRS holders, but not everyone was enamored with the launch, pointing out some flaws in the functionality of the card:
This card is useless – it works same as your credit card. It is only USD or EUR.
You fill this card by the same process as withdrawal from any fiat-crypto exchange. If you withdraw USD from Kraken to your bank account, you can use your crypto in the exact same way as this.
— Adam Kracík (@oAdamKo) March 11, 2019
Some, however, were simply confused by the announcement:
Dont understand; is this for Bitcoinpayments?
— Andy Mücke (@AndyMcke) March 12, 2019
Pumps Don’t Mean Adoption
The GRS token itself is no stranger to pumps. The token was first launched back in 2014, but is remembered by many who were in cryptocurrency at the time for a sensational run in October 2017, when it rose 300% in a little over twenty-four hours. In terms of adoption, the releasing of a debit card is a big step… now all that remains is getting people to use it.