Solayer, a Solana-based staking platform and a hardware-accelerated SVM blockchain network, has announced the launch of the Emerald Card.
According to the press release shared with Cryptonews, this debit card is designed for crypto native users to spend and earn rewards.
It offers onchain transactions in order to remove off-ramping, centralized exchanges, and preloading fiat. This creates “an experience akin to traditional payments.”
The Emerald Card is integrated within Solayer’s InfiniSVM’s infrastructure. The team provides it alongside their restaking, sUSD, and sSOL products, it says.
At launch, the card supports transferring funds from Solana Virtual Machine (SVM) wallets. The team plans to add additional chains in the coming months, including EVM.
Moreover, the card comes with Apple Pay and Android Pay integration to provide additional payment methods without traditional bank accounts.
Per the team, “top cardholders will be eligible to receive a premium, physical, metal card available.”
Furthermore, Emerald Card was originally a part of a Solayer community sale with over 40,000 participants and 200,000 signups. At the start, the card is available to these 40,000 participants.
It will also be available to users worldwide, in more than 100 countries, including the US.
Meanwhile, Solayer says it’s building InfiniSVM, a high-performance, hardware-accelerated SVM blockchain. It also has a fully integrated, multi-layered product suite on top of InfiniSVM.
In late October 2024, Solayer launched sUSD, a synthetic stablecoin backed by real-world assets (RWA), to offer a decentralized alternative to existing stablecoins. This stablecoin is backed by a basket of low-risk assets such as US Treasury bills and government bonds.
In August that year, Solayer secured an investment from Binance Labs to improve the security and functionality of dapps on the Solana blockchain, scale its operations, and integrate new protocols into the Solana ecosystem.
SolanaID Partnership, Rewards Program
Solayer has partnered with SolanaID as part of the Emerald Card launch. This partnership allows users to “advance their onchain reputation with each transaction.”
Furthermore, “reputable participants” will be able to claim rewards earlier than the general public.
The recently acquired Fuzzland will provide additional security, the team says.
According to Ben Showard, Head of Growth at SolanaID, says that Emerald Card is “a huge step forward in connecting real-world activity with your crypto identity.” It transforms yield-bearing digital assets into real-world dollars for spending. “It is also a path for users to build up their internet reputation utilizing Solana ID [and] enjoy perks from every corner of the Solana ecosystem.”
Moreover, the team will launch the Emerald Rewards program shortly after the card launch. This will allow holders to accumulate a stake in pre-TGE protocols and projects, earn protocol-specific tokens, gain access to staking incentives, and participate in airdrops.
Additionally, rewards may include staking incentives for passive income, early access to token distributions, tokens from specific partners, and bonuses for users who meet specific spending minimums.
Jason Li, co-founder at Solayer, commented that “advances in infrastructure and regulation have paved the way for the release of a product like the Emerald Card.”
The post Solayer Reveals Reward-Earning Emerald Card for Spending on SVM Chain appeared first on Cryptonews.
