Borrow and Spend Crypto with the Moonwell Card

Now, you can use your crypto assets, like cbBTC, AERO, or weETH. It let you borrow USDC and load it onto your Moonwell Card.

This new feature makes it easier to use your crypto for everyday spending. Let’s explore more about this important announcement from Moonwell.

What Does This Mean?

In simple terms, Moonwell lets you borrow USDC, a type of cryptocurrency that’s worth about one US dollar, using your crypto assets as collateral. For example, if you have some cbBTC, AERO, or weETH, you can use these to borrow USDC. Once you have the USDC, you can load it onto your Moonwell Card and use it to make purchases. Just like a regular debit card.

Think of it as trading in your virtual treasure for cash that you can spend at any store that accepts crypto. With the Moonwell Card, you’ll be able to use your cryptocurrency in the real world.

How Does It Work?

Here’s how the process works:

1. Supply Your Assets: You start by using your cryptocurrency assets, like cbBTC, AERO, or weETH, and supply them to the Moonwell platform.
2. Borrow USDC: After that, you can borrow USDC based on the value of the crypto you’ve supplied. USDC is a stablecoin, which means it stays about the same value as the US dollar.
3. Load the Card: Once you have your USDC, you can load it onto your Moonwell Card. This card works just like any debit card—you can use it to buy things, make payments, or even withdraw cash.

This new feature gives people more flexibility when using their cryptocurrency. You can keep your crypto assets and still use them to borrow money that can be spent in the real world. People are linking this card with Apple Pay. Here is an example:

More About Moonwell

November and December have been record-breaking months for Moonwell, with both total deposits and active loans reaching new heights. The platform saw a significant increase in users depositing their crypto assets, fueling growth in overall lending activity.

This surge in deposits also led to more active loans, as more users took advantage of the opportunity to borrow USDC and load it onto their Moonwell Cards. These record numbers highlight the growing popularity of Moonwell and its services.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.