Discuss the rise of crypto cards and payment solutions, with a deep dive into OrbitX’s offerings, addressing challenges in the crypto payment landscape, and exploring the broader implications for users and the industry.

Key Takeaways

• OrbitX provides a self-custodial crypto card solution, allowing users to spend stablecoins globally via Visa-powered cards
• Three card tiers offered: LIFE (free), NEO ($3/month), and LUX ($4.99/year) with varying benefits and spend limits
• OrbitX addresses off-ramping challenges faced by crypto users, offering an alternative to P2P and centralized exchanges
• The platform works with stablecoins to avoid tax implications associated with crypto gains
• OrbitX combines B2B infrastructure business with consumer-facing products
• Physical cards are in development and expected to launch in 1-2 months

Topics

Meeting Introduction and Participant Engagement

• Meeting started with informal conversation among participants
• Speakers encouraged attendees to introduce themselves and share thoughts on the topic
• Initial discussion on crypto payments and cards to gauge audience interest

OrbitX Overview and Card Options

• Self-custodial wallet solution for spending stablecoins
• Three card tiers explained in detail:
  • LIFE: Free, $5,000 daily limit, higher fees, Visa Platinum digital card
  • NEO: $3/month or $20/year, $50,000 daily limit, lower fees, Visa Platinum card
  • LUX: $4.99/year, unlimited spending, lowest fees (1% forex), Visa Signature benefits
• Emphasis on self-custodial nature, ensuring users always have access to their funds
• Plans to integrate with existing wallets in the future

Addressing Off-ramping Challenges

• OrbitX solves issues with centralized exchanges (regulatory problems, slow withdrawals) and P2P transactions (account freezes, legal risks)
• Real-world example shared of P2P transaction issues leading to account freezes
• KYC process implemented to prevent illegal transactions and protect user credibility

Technical Infrastructure and Partnerships

• Works with liquidity providers, bin solutions, and Visa
• Payments processed in batches, settled with Visa daily
• Explanation of how crypto is converted to fiat for merchant payments
• Partnerships with banks and direct work with Visa for payment processing

User Experience and Adoption

• App currently shows balances in USD, considering toggle for local currency display
• Physical cards expected to be available in 1-2 months
• Exchange rates to INR range from 82-84.5, depending on card tier
• Compatibility with various services like Swiggy, Amazon, and international subscriptions
• Some limitations in certain Indian merchants, working on whitelisting

Regulatory and Tax Considerations

• Not currently subject to 30% crypto tax due to use of stablecoins (1:1 value)
• Data sharing with government only if required, with user notification
• Explanation of how the forex route avoids certain regulatory complications

Future Developments and Community Engagement

• Upcoming features: integration with existing wallets, physical cards
• Giveaway planned for Lux cards in community groups
• Discussion on staking opportunities in crypto vs traditional banking
• Encouragement for community members to share their projects and prototypes

General Crypto Discussion

• Debate on preferences between crypto and fiat for payments and earnings
• Exploration of staking opportunities and APY comparisons with traditional banking
• Brief mention of innovations in the Avalanche ecosystem and staking platforms

Next Steps

• Users encouraged to download the OrbitX app and start with the free LIFE card
• Community members to use provided referral code for discounts on card activation
• Upcoming developer-focused community call planned to discuss Web3 opportunities and projects
• OrbitX team to consider adding local currency display toggle in the app
• Participants encouraged to explore crypto blogs, Twitter threads, and technical articles for further learning
• Future community calls to potentially include project demonstrations and discussions on building in Web3