Linked to Visa, Swype works with Apple Pay, Google Pay worldwide.
Brahma, a crypto payments startup, has announced a new partnership with Euler Labs. Together, they are launching a unique product called Swype. Swype is a virtual credit card that lets people spend their crypto without having to sell it first. This is a new card that will be used in practical payments and will help DeFi lending to become more practical in everyday life.
Base, an Ethereum Layer 2 network introduced by Coinbase, is where the Swype card will appear. This project will apply Brahma Cards and Euler decentralized lending protocol. This combination enables consumers to spend money in their crypto lending accounts at stores or on the web.
Crypto users have a common problem, which they have had to deal with over the years. They would frequently be forced to sell their crypto holdings in order to get cash. This translated to loss of future profits or paying tax on profit. Others deposited their crypto in lending platforms to get passive income as an alternative. The new card by Brahma eliminates the necessity of having to make a choice between the two. Persons are now able to continue lending and earn at the same time as they spend that money in real life.
In order to use Swype, a user has to have at least 1,000 dollars stored on Euler or Aave, which are the most popular DeFi lending platforms. As soon as they fulfill this condition, they are able to order a virtual card. They will only be required to pass through a basic KYC (Know Your Customer) verification. Then they are prepared to use the card.
One can also use the card easily in everyday life. Swype is linked to the Visa payment system, and therefore money can be spent at any point where Visa is accepted. It is also compatible with Apple Pay and Google Pay, implying that it is usable in more than 100 million retailers worldwide.
Brahma says that users keep full control over their crypto. They can fix borrowing limits and select the assets of their preferences to be used as security. This makes the people feel freer and safer using their money.
Brahma feels that it has the experience to make this project work. The company already operates onchain tools with more than 100 million dollars of capital under management and 1 billion dollars of transactions. The team claims that such technical background will make Swype expand rapidly and remain trustworthy.
The collaboration occurs when more crypto firms seek opportunities to connect DeFi with actual expenditure. Brahma strives to implement this concept by collaborating with Euler Labs. Both teams believe that DeFi must be more functional in real-life applications and not merely as a passive income or trading tool.
Swype might also make more people perceive crypto as a means of everyday transactions rather than an investment. The new card to be offered by Brahma can provide DeFi users with new control over their money with real-time borrowing, easy payments, and support of merchants worldwide. At this moment, the crypto community is observing how quickly Swype will expand and whether more individuals will resort to this method of spending crypto without selling it.
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