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SYSTEM AND METHOD FOR PROCESSING A CRYPTOCURRENCY TRANSACTION USING A SMART TRANSACTION CARD

Abstract:

In a method for conducting a transaction using a transaction card, communication between the card's data processor and a transaction terminal is established and the data processor receives from the terminal first transaction information for a financial transaction, the information including a transaction type and a monetary value. The data processor transmits to a user device a cryptocurrency transaction processing request including identification of an amount of cryptocurrency stored in the card's memory that has a value equal to the transaction monetary value. At least a portion of the request is encrypted using private and public encryption keys. The request is configured for retransmission by the user device to a cryptocurrency exchange processor. The card's data processor transmits to the transaction terminal second transaction information usable by the transaction terminal to complete the transaction and updates a cryptocurrency balance stored in the card's memory.