Time left for GBP account services wind-down for UK clients

days
hrs
Min
sec

Damex Retail App - FAQs

Damex was founded to establish a custodial service that not only offered unparalleled security but also facilitated seamless transactions between digital assets and traditional fiat currencies such as the euro, sterling, and dollar. This vision was ambitious, aiming to bridge the gap between the burgeoning world of cryptocurrencies and the established realm of traditional finance.

Our goal is to become the most respected digital payment services firm in the world, committed to serving businesses and individuals. Over the past six years, we have grown from an OTC desk to a global blockchain ecosystem with multiple business lines. We have achieved this growth by adapting and innovating in response to the ever-changing market and the diverse needs of our users while remaining true to our crypto-led goals and our foundational mission to provide regulated, secure, and comprehensive digital asset services.

Our direction and objectives are shaped by the early experiences and regulatory advancements in Gibraltar, where the idea for Damex originated and still guides our everyday decisions. We are actively working on establishing new partnerships that not only share our strategic vision but also enhance the value we bring to all our stakeholders.


We strive to enable individuals in the EEA, UK, and LatAm to have equal access to financial services that are inclusive through technology by facilitating a simple, fast, and secure interchange between the worlds of cryptocurrency and traditional money.

The Step-to-Earn feature in the application rewards users with Damex Token for completing step challenges adding a gamification layer and an incentive for users to join the community.
Following the increasing legal and regulatory scrutiny for crypto in the UK, our partner Modulr FS Limited will end services for Damex App clients and as a result Damex Visa cards. Sadly, this will impact some UK retail clients using GBP account services. All other services will continue to operate as usual.

At Damex, the goal is to become the most respected digital payment services firm in the world, committed to serving businesses and individuals. Over the past six years, we have grown from an OTC desk to a blockchain ecosystem with multiple business lines. We have achieved this growth by adapting and innovating in response to the ever-changing market while remaining true to our crypto DNA.

Our foundational mission remains the same today and continues to guide our everyday decisions: to provide regulated, secure, and comprehensive digital asset services. Our direction and objectives are shaped by the early experiences and regulatory advancements in Gibraltar, where the idea for Damex originated. We’ll continue to actively work on establishing partnerships that share our strategic vision and enhance the value we bring to our stakeholders.
Yes, we take great care to ensure that your funds are always safeguarded and available to you.

As a company regulated under laws and regulations outside of the UK mainland, we remain fully committed to providing our customers with a high caliber of care, and apply those parts of the UK Financial Conduct Authority’s Consumer Duty requirements and Payment Systems Regulations (PSRs) that apply to us and assist us in doing so.
The loyalty rewards are paid at the beginning of the new month. Our reward program will continue and we will soon introduce Damex Earn as a new reward feature, replacing the cashback perk.
Locked Tokens cannot be sold or exchanged. However, given the circumstances, we will allow our VIP & Premium clients to have their tokens unlocked before the unlock date.

Following the announcement of the end of the Damex Visa Card service, users will have a 3-month period to request to downgrade their membership and return their Damex tokens. Please write to [email protected] for more information.
The Pound Token (ticker: GBPT) is a crypto stablecoin pegged to the British Pound Sterling. For every GBPT token minted the organization behind this coin holds a pound with the Bank of England as a safeguarding mechanism.

It aims to provide a reliable and regulated method for digital transactions in GBP. The Sterling-backed stablecoin is designed to offer the advantages of cryptocurrency transactions, such as speed and cost-efficiency while maintaining the stability of a fiat currency.

As a result, it is an attractive option for those seeking a stable digital currency that bridges traditional finance and the rapidly growing world of cryptocurrencies.
Yes, you can continue to see your account balance on the app screen until the date specified in the notice. Beyond that date, we will continue to offer support services either via [email protected] or via our partner Modulr FS Limited.
If you have only just ordered your card we will accommodate the cost. Simply write to [email protected] with your request and we will refund you the fee paid as soon as possible.
You can deposit in crypto using the wallet addresses as shown in the App under: Accounts -> currency -> deposit.

True crypto wallet with full access to web3 features such as deposit, exchange, withdrawal, and hold.

We will also soon introduce the Damex Earn Program. An optional feature for users to earn up to 21%* on locked-up Damex Tokens.
(*) depending on the user’s membership and accomplished Step-to-earn level.

In addition, you will be one of the first to benefit once we re-establish fiat functionalities.

 

Standard

Premium 

VIP

Start 

2.00%

10.00%

15.00%

Challenge

Marathon

(60,000 steps)

3.00%

11.00%

16.20%

Mountain Climber

(80,000 steps)

4.00%

12.00%

17.40%

Pro Mountain Climber

(170,000 steps)

5.00%

13.00%

18.60%

Iron Man

(300,000 steps)

6.00%

14.00%

19.80%

Steel Legs

(525,000 steps)

7.00%

15.00%

21.00%

The availability of fiat currency accounts is dependent on the country of your residential address. For now, we do not have a provider to support our users in the UK + territories.

Your Damex Tokens will remain available being one of the crypto assets supported. You can hold, deposit, withdraw, or exchange your Damex tokens like any other supported crypto asset. 

Yes, you can continue to upgrade your membership to Premium or VIP by locking in a certain number of Damex tokens. Depending on your membership and achievements in #steps there are a number of benefits & perks which you may found under the REWARD section on our website or within the Damex App.

Yes, all functionality related to crypto assets will continue to operate be available to users, thus including the ability to send/receive crypto assets from a friend

Yes, your crypto assets are safe with Damex. We uphold the highest standards and have been regulated as VASP (Virtual Asset Service Provider) in various jurisdiction for several years.

Yes, your crypto assets are safe with Damex. We uphold the highest standards and have been regulated as VASP (Virtual Asset Service Provider) in various jurisdiction for several years.

We will be contacting you at various points during the notice period to help return any GBP balance left in your account back to you. Beyond this period Modulr FS Limited will continue to hold any balance remaining on your behalf.

You have two months from the moment you receive this mail to either move your funds or convert your GBP balance into crypto.

The payment will be automatically returned to the sender with a reference that the  account is no longer available.

Yes you can transfer or convert your GBP balance during the notice period. Regular fees do apply.

Yes the reward program will continue although several of the benefits & perks, such as cash back on card spending, are no longer applicable.

Ongoing transactions within the two months notice period will operate as normal, after this period will be rejected and returned. As we don’t support Direct Debit nor recurring payment there are no subscription linked to the account.

No, all crypto functionality will remain in tact where we will continue to work on improvements and new features for you to benefit.

We truly regret having to close down our fiat services and are exploring opportunities to resume these services. However at this stage we can not commit or make promises on the how and when.

At Damex, the goal is to become the most respected digital payment services firm in the world, committed to serving businesses and individuals. Over the past six years, we have grown from an OTC desk to a blockchain ecosystem with multiple business lines. We have achieved this growth by adapting and innovating in response to the ever-changing market while remaining true to our crypto DNA. 

Our foundational mission remains the same today and continues to guide our everyday decisions: to provide regulated, secure, and comprehensive digital asset services. Our direction and objectives are shaped by the early experiences and regulatory advancements in Gibraltar, where the idea for Damex originated. We’ll continue to actively work on establishing partnerships that share our strategic vision and enhance the value we bring to our stakeholders.

To manage this transition smoothly, we kindly ask you to remove any remaining GBP or EUR balance in your Damex account by:

  • exchanging your fiat balance into one of the supported cryptocurrencies, 

or

  • via external bank transfer.

Within the App you will find a selection of different cryptocurrencies supported, you can exchange into one or more currencies from within thr App.

On our website you may find more information on the Damex App, also hosting a Frequently Asked Questions section to find more detailed information.

If you have questions not covered on the FAQs feel free to reach out to our Support team by mail [email protected].