Fuze, renowned for its all-in-one card, released an ICO for a new product called FuzeX in February this year. The FuzeX solution provided users with the option of using only one card rather than multiple credit, debit and gift cards, and was tied to a cryptocurrency wallet to be used with high profile cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH).
Cryptocurrency fans turned massively to the pledge to use these protruding coins for day-to-day situations. The token sale collected a total of $36.2 million in Bitcoin (BTC) and Ethereum (ETH) for the cryptocurrency called FXT. Whereas the FXT is currently “limited in its use cases” as FuzeX puts it, the cardholders can buy FuzeX cards using the crypto token but also pay a yearly membership tax.
Bitcoin Cash (BCH_ to add FuzeX after teaming up with Fuze, cutting off Bitcoin (BTC) support
But the card was nevertheless enjoyable for cryptocurrency fans from all over the world, at least until the first days of this week. FuzeX said it would team up with Bitcoin Cash (BCH) and this resulted in removing the Bitcoin (BTC) support entirely.
Considering the problems of transaction speed and rate, we decided that Bitcoin Core was not in line with the FuzeX philosophy. So we decided to leave BTC and replace it with Bitcoin Cash (BCH), which has a much faster transaction speed and a cheaper transaction fee.
The Bitcoin (BTC) community exploded in anger, throwing scam accusations against the FuzeX team. With the elimination of Bitcoin (BTC) support for the FuzeX cards, a series of allegations were filed against the FuzeX team. One, in particular, made by a Twitter user, “dandarkpill,” read as follows:
FuzeX raised $36,241,600 in BTC & ETH in an ICO for a debit card that will support BTC and ETH. Then announces a partnership with their own advisor @rogerkver and that the debit card will no longer support BTC. How is this not a scam?
On the other hand, the Bitcoin Cash (BCH) community is happy with the new partnerships.
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.