On March 11th, Groestlecoin surged by 206% against the USD in just a few hours, easily outperforming Bitcoin and the rest of the digital currency market.
Since its initial spike, Groestlecoin has retracted by a small margin. However, it remains up by more than 172% against Bitcoin.
Image Source: CoinMarketCap
In the meantime, Bitcoin price remained stable at $3,880, incapable of breaking out of the key resistance levels above the $4,000 mark.
How Groestlecoin Surged by 200%?
On Monday, the Groestlecoin team revealed its crypto-supported MasterCard debit card, that enables any card user to transact at MasterCard-accepting PoS machines. This is supported by nearly all retailers globally.
The Groestlecoin team said –
“You can use your PolisPay Card for online shopping and at any brick and mortar retailer that accepts MasterCard debit cards. You can also withdraw cash at any MasterCard-compatible ATM.”
In recent years, the crypto sector has seen the failure of a relatively high number of crypto debit card projects owing to the rejection of credit card companies including Visa.
In January last year, Xapo, a major crypto vault service provider, was compelled to shut down its cryptocurrency debit card system as per the request of Visa.
The Xapo team said at the time –
“As of January 4th, 2018, Wave Crest Holdings, Ltd. issuer of the Xapo Card Program, was introduced by Visa to cancel all its Visa Programs effective immediately. As a result, all the cards of the Xapo Cards Program were deactivated.”
According to the Groestlecoin team, their crypto debit card project is backed by MasterCard.
The team said –
“The first Debit Card for Groestlecoin is here, and is backed by MasterCard. use it in any retail/online shop that accepts MasterCard debit cards. Withdraw cash at any MasterCard-compatible ATM.”
Off the release of its cryptocurrency debit card purportedly supported by MasterCard, the price of GRS (Groestlecoin) rose from $0.238 to $0.73, by a staggering 206%.