FD7 Ventures, a Dubai-based cryptocurrency investment Fund recently released the statement on its investment in Canada’s first Bitcoin credit card offered by BitcoinBlack.
On Sunday, March 7, FD7 purchased 33% of Class A voting common shares in BitcoinBlack, however, the information regarding the investment price is undisclosed. A serial entrepreneur and a co-founder of FD7 Ventures, Prakash Chand believes that introducing the first Bitcoin Credit card will help the mainstream adoption of cryptocurrencies in Canadian communities. BitcoinBlack credit card would allow Canadians to make purchases in a way that is much more convenient and familiar.
For the upcoming months in 2021, BitcoinBlack is planning to issue 1000 exclusive, all metal black Bitcoin credit cards with shipping available no later than the 15th of June. The owners of the “world’s most exclusive metal black cards” can make transactions in bitcoin almost anywhere whereas Visa payment is allowed. In addition to the exclusivity associated with these cards, Chief Marketing Officer of BitcoinBlack, Mark Holland announced that multiple promotional packages will be available for the cardholders. Among the VIP perks mentioned by CMO are a few notable privileges, such as access to an exclusive private jet, luxurious deals for cars and hotels, and special invites to limited, invite-only crypto events.
BitcoinBlack (BCB) has been a topic of heated debate over the past few months as BCB is completely run by community members. The team of the cryptocurrency claims that the cryptocurrencies and Bitcoin specifically should not be limited by borders and should not be owned or controlled by elite members only. The main purpose of Bitcoin Black is to initiate fair distribution, mass adoption, and simplicity of access to the cryptocurrency for its users.
BCB, or “cryptocurrency of the people” as they often refer to themselves, owns the technology that is built on Black Lattice, which closely resembles blockchain technology, however, has few key differences. The traditional systems of blockchain contain thousands of bundled transactions, which is not the case with Block Lattice. The latter methodology incorporates send and receive blocks, on the sender’s account chain and receiver’s account chain correspondingly. The advantage of Block Lattice over traditional blockchain systems is that problems associated with scaling are significantly reduced for the former system, making it further efficient.
The competitive advantage that BitcoinBlack might have over its rivalries includes instant, fee-free transactions, an efficient monetary system, unmatched simplicity of transactions, and easy accessibility. One of the fundamental distinguishing features of BCB is the inability to mine the cryptocurrency, which will further promote the equal and even distribution of the cryptos through other methods. The ultimate goal of BitcoinBlack founders is to maintain its prime principles and develop as an autonomous decentralized and community-driven cryptocurrency. FD7 Co-founder Prakash Chand even jokingly claimed that BitcoinBlack card is a lot cooler than American Express Black Centurion, which is indeed a bold statement.
BCB has quite an ambition of dominating the crypto market someday and spreading its “fair play” rules over other cryptocurrencies, as well. BitcoinBlack hopes to have a customer base of over 10 million not far into the future, which does not seem too unrealistic if the current progression trend is maintained.