Blockchain.com will soon issue Visa crypto debit cards
- Blockchain.com will soon roll out a Visa crypto debit card
- Initially, the crypto debit card will be available to only U.S citizens
- The card will enable them to make payments using their cash or crypto balance at all places where Visa debit cards are accepted
There is some good news for Visa and crypto users. Blockchain.com has announced that it will soon launch a Visa crypto debit card for U.S. citizens. It will enable users to pay using their Visa crypto card at all places where Visa debit cards are accepted.
Blockchain.com has also confirmed that users won’t have to pay any sort of sign-up or annual fees. In addition, no transaction fee would be charged and users will earn 1% of all purchases as cashback in crypto.
Rising crypto adoption, the reason behind this move?
Cryptocurrencies have emerged as lucrative investment alternatives for Americans over the past few years. Besides, the perception of cryptocurrency as an investment has seen a considerable shift recently, as more and more Americans are becoming aware of crypto trading and investment.
At the moment, the U.S. is in the pole position as far as Bitcoin (BTC) trading volume on a global scale is concerned. Today, around 23.3 million Americans own Bitcoin . While many Americans own cryptocurrencies as an investment, others are using them to make payments.
More about Visa’s crypto debit card
Cuy Sheffield, Head of crypto at Visa has acknowledged this trend. He says that worldwide acceptance is very crucial for crypto adoption to grow. California-based payments firm will create Visa’s crypto debit card. The company also developed Swipe’s first crypto Visa card in September 2020.
Peter Smith, CEO of Blockchain.com has confirmed that over 50,000 users have already signed up for the new payment card. In a statement, he said that the company is excited to make crypto more accessible and easy to use in the real world.
California-based payments firm will create Visa’s crypto debit card. The company has also developed crypto finance company, Swipe’s first crypto Visa card in September 2020.
The news comes a few days after we found out that Visa and cryptocurrency exchange FTX have come together to launch a debit card in 40 countries in the first week of October.
What is Visa’s competitor, MasterCard doing?
Mastercard, Visa’s main rival, signed a strategic partnership with BitOasis, the leading cryptocurrency platform in the Middle East and North Africa (MENA). As part of the deal, Mastercard will introduce many crypto card programmes intended to speed up the adoption of digital assets in the region.
BitOasis customers will be able to connect their wallets to the new card and exchange cryptocurrency for fiat to use Mastercard’s worldwide merchant network when the card launches in early 2023.
YOU MAY ALSO LIKE: Coinbase and Blockchain.com enter Singapore after obtaining approval
For the latest crypto news, trends, and developments, continue reading iTMunch!
Feature Image Source: Blockchain.com