SEGWIT and Lightning Network-ready payment solution Groestlcoin (GRS) has seen a massive spike upwards of 200% on March 11th. The pump follows news of the release of a MasterCard-backed debit card allowing users to carry out regular daily transactions using GRS and to withdraw cash at ATMs.

Despite being outside of the Top 100 cryptocurrencies by means of market capitalization in the list of CoinMarketCap, Groestlcoin (GRS) quickly made headlines. The cryptocurrency scored a massive 200% increase on March 11th.

The Issuance of a MasterCard-Backed Debit Card

The notable pump followed the announcement of big news for the project, which revealed a MasterCard-backed debit card which can be used in retail and online shops, as well as to withdraw cash from any ATM that supports MasterCard debit cards.

As it is with most of the news-driven sudden increases, GRS has since experienced a pullback in its price. At its recent peak, the cryptocurrency was trading at around $0.73 while now, one day later, it’s trading at $0.53.

Binance CEO Reacts

The CEO of the world’s leading cryptocurrency exchange Binance, Changpeng Zhao, was quick to react to the news of the newly released debit card. Zhao, who’s also a very prominent cryptocurrency advocate, outlined that the event means slow but sure progress for the industry, saying:

What can’t be stopped will spread!

Zhao recently also commented on another big development in the field of cryptocurrencies, namely, the announcement of JPMorgan Chase’s new cryptocurrency dubbed “JPM Coin.” Speaking on the matter, he said:

Popular/unpopular opinion: Everyone will be in crypto, sooner or later, whether they know it or not, whether you like it or not.

What do you think of GRS’ recent pump? Share your thoughts down below!