API startup Juice is launching its first product — the Dollar Mastercard — that enables users to spend their cryptocurrency assets at millions of online and physical retail locations, according to punchng.com and other media outlets on Wednesday (Sept. 1).
The company has worked to develop partnerships with crypto exchanges around the globe to offer users physical and virtual debit Mastercards. Juice Mastercards are settled and backed by USDC.
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Using an API suite, Juice is striving to help all crypto exchanges in assisting their users with making it easier to spend digital assets. The debit Mastercards are funded by crypto in U.S. dollars and can be tailored to the needs and brand style of each exchange.
Juice is a product studio that develops infrastructure to help connect decentralized finance (DeFi) and users, according to the company’s website. Dollar Mastercard was created specifically for crypto firms and offers company-branded cards that work in particular locations.
The company said it is the first global product that is addressing a “pain point for the crypto-to-fiat off-ramp.” Juice believes that its payment rails will “power the future of crypto exchanges becoming banks.” Juice also said it is fully responsible for regulatory compliance.
There is a Juice API suite for any crypto firm to issue their own branded debit cards without using a bank or a processor, per the website. Onboarding takes less than 48 hours.
With over 300 million cryptocurrency users across the world, Juice said it feels that people should be able to use digital assets just like any other currency. Launched in Texas, Juice is focused on powering trade worldwide.
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A senior engineer told punchng.com that its APIs are already being integrated by several global crypto exchanges.
“We are trying to make complex technology feel useful daily,” the unnamed engineer said.
The multitiered model enables partnered exchanges to load USDC into a “single pool domiciled with Juice,” which offers their users real-time settlement.
Aside from empowering people to spend their digital assets whenever and wherever they choose, Juice is also extending a rewards program to anyone that can introduce the company to a crypto exchange. Once the exchange is onboarded, the referring person will get commissions on every card transaction by the exchange’s users.
The Juice Prepaid Mastercard is issued by Metropolitan Commercial Bank (Member FDIC) and the program is being managed by Praxell, Inc.