BlockCard by Ternio allows people to buy anything they want with cryptocurrency thus making crypto more bankable, usable and, well, practical. Ternio is in the midst of a crowdfunding round on Republic as it seeks to raise additional growth capital and expand its business.
Blockcard is a VISA card that is accepted anywhere VISA is accepted. The key twist is you can hold you money in crypto until the point of transaction and then you pay in dollars (or whatever currency). If you are curious as to which digital currencies are supported you may view them here. The 12 cryptocurrencies on the list today are said to be joined by more in the near future.
The BlockCard comes with a 6.38% APY Rewards program to incentivize utilization which has helped to better position the service in comparison to a handful of competitors.
The card is available today for US residents but other countries are on the list. Ternio has bank partners who support residents in 31 European countries as well as non-US and UK sanctioned countries. Ternio intends to support BlockCard functionality in a majority of countries in the world in the next 6 months. Management compares Ternio to more of a digital bank like Revolut than a simple crypto to fiat credit card.
The company is currently profitable even if the net income is small. According to the Form C Offering Statement, Ternio generated $1.2 million in revenue the first year with a net income of $54,000
Ternio reports that it already has “tens of thousands” of BlockCard users and is on track for over a 600% user growth in the first year of operation. According to Ternio’s website, there are over 30,000 accounts generating 1000K TERN (the company’s native crypto) transactions per second.
So what do you get if you invest?
With just a few days left in the offering (that may get extended), Ternio has raised over $640,000 under Reg CF for a CrowdSAFE out of a max raise of $1.07 million. Basically, a CrowdSAFE is like a traditional SAFE but better, according to Republic. You invest in the SAFE and receive equity at a discount at a later date that is triggered by a specific event like a future priced funding round. You can read more about the CrowdSAFE here. Ternio has set a valuation cap of $15 million with a 20% discount.
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