This Singapore startup is offering a Visa card for Bitcoin users

Lack of utility of Bitcoin in one's day to day life has repulsed a lot of people who would otherwise be interested in investing in the crypto-currency. However, a new Singapore-based startup has come up with a Visa card.

According to a Bloomberg report, a firm named TenX has proposed a debit card which will work as an instant converter of multiple digital currencies into fiat money: the dollars, yen and euros that power most everyday commerce.

TenX will charge 2 per cent for each transaction. The startup, which has already received orders for more than 10,000 cards is expected to make cryptocurrency like Bitcoin more mainstream and practical in the real world.

While transactions are capped at $2,000 a year, users can apply to increase the limit if they undergo identify verification procedures, the report said.

TenX has also built an app that serves as a mobile wallet linked with the card. When the card is swiped at any place, the merchant gets paid in local currency and user's crypto-currency account is debited.

"You're mixing two worlds that are night and day. When the user spends the cryptocurrency, we have to instantly switch these currencies to fiat and pay to Visa straight away. It's a lot of pathways," the report quoted co-founder Julian Hosp as saying.

TenX visa card currently supports eight digital currencies and processes about $100,000 worth of transactions every month.

In India, Finance minister Arun Jaitley held an inter-ministerial meeting last month to weigh 'risks' related to virtual currencies (VCs) like bitcoins.

Reserve Bank of India had earlier cautioned the users, holders and traders of virtual currencies, including bitcoins.