Visa Partners With Blockchain.com: Set To Offer Crypto Debit Cards
- Visa has partnered with popular crypto exchange Blockchain.com to offer debit card to users in the US and had more than 50,000 sign-ups for the waitlist at the time of announcement.
- The Blockchain.com Visa Card will allow owners of the cards to maintain a crypto balance fee-free account with numerous opportunities to earn rewards and cashbacks on their expenditures using crypto.
- The card will leverage the payment network provided by Visa along with a modern card issuing platform provided Marqeta.
Visa, the American multinational financial services corporation based in San Francisco, California, has partnered with popular crypto exchange Blockchain.com and the two entities are set to offer crypto debit cards to residents of the US, which will allow users to pay for goods using crypto or cash balance in their accounts at any store where Visa cards are accepted.
In an announcement on Oct. 26 via their official Twitter account, Blockchain.com confirmed the arrival of the debit card and the waitlist for the same has now been opened. Additionally, as per a press release, there were close to 50,000 sign-ups for the waitlist during the debut and it seems that the Blockchain.com Visa Debit Card is already quite popular.
“This is a prime example of digital assets making their mark on the existing financial services industry, as we shape the future of (mainstream) finance,”
said Peter Smith, Blockchain.com CEO and Co-Founder.
As per the official statement, the new card will only be available to US users who “can spend their crypto or cash within their Blockchain.com Wallet without fees and earn 1% back in crypto anywhere Visa debit cards are accepted.” This is certainly a great incentive for crypto enthusiasts and it seems that this is also an attempt from Visa to broaden the spectre of blockchain and crypto adoption.
“We’re excited to partner with leading crypto wallets and exchanges like Blockchain.com to unlock more ways consumers can use their crypto for everyday purchases,”
said Cuy Sheffield, Head of Crypto at Visa.
The Blockchain.com Visa Card will allow owners of the cards to maintain a crypto balance fee-free account with numerous opportunities to earn rewards and cashbacks on their expenditures using these blockchain-based digital assets. Additionally, the card will leverage the payment network provided by the San Francisco-based giant along with a modern card issuing platform provided Marqeta, a company which helps other corporates to launch and manage their payment card programs.
Moreover, the Blockchain.com Visa Card also offers no sign-up, card issuance, or annual fees. It is also crucial to note that with the help of the industry-leading Just-in-Time Funding feature provided by Marqeta, the owners of the card will be easily able to settle their payments in real-time in terms of fiat. Each card must be linked to a Blockchain.com Wallet account which has been verified taking in account, the AML and BSA requirements. Therefore, these card will be useful for customers who want to shop online or in physical stores that accept Visa cards.
“Blockchain.com’s new Visa card is a textbook example of the possibility of Marqeta’s technology and we look forward to working together to build innovative products like this as crypto evolves in the years to come,”
said Simon Khalaf, Chief Product Officer at Marqeta.
It has also been confirmed that the new card will be available in additional countries starting 2023 enabling owners to pay for goods via crypto or fiat.
Interestingly, as reported by Bitnation earlier, Visa also partnered with the leading crypto exchange FTX to offer debit cards across 40 nations, with the primary focus on Latin America, Europe, and Asia.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
