Blockchain.com Announces Partnership With Visa Over Issuance of Crypto Debit Card
In a new development, the cryptocurrency exchange Blockchain.com has announced partnership with Visa over an agreement to launch a crypto debit card as per post.
Introducing the https://t.co/0DZyULavbV Visa® Card.
✅ Spend your crypto or cash without fees
✅ Use it anywhere Visa® debit cards are accepted
✅ Earn 1% back in crypto on all purchases
Join the waitlist todayhttps://t.co/JB9NxcePfS pic.twitter.com/ftLck1dmYz
— Blockchain.com (@blockchain) October 26, 2022
The would-be crypto debit card will only be made available to United States residents and holders of the card can use it to make payment using their crypto or cash balance anywhere the Visa debit cards are recognized.
Blockchain.com further reveals that there would be no sign-up or annual fees attached to the crypto credit card. It also attracts zero transaction fees and users would be compensated with 1% of all purchases back in cryptocurrency.
https://t.co/TVXk3bFYxG launches Visa debit card with 1% cashback in cryptohttps://t.co/eMgxZ3YJWA
— The Block (@TheBlock__) October 26, 2022
However, Blockchain.com CEO Peter Smith established that the crypto debit cards had received over 50,000 registered onto a waiting list.
He maintains that there has been an increasing demand for the product despite the fact that it is yet to be rolled out.
Reacting to the development, Visa’s head of crypto, Cuy Sheffied, said that the increasing global acceptance of cryptocurrency has made the introduction of such a product a case of necessity.
For crypto adoption to grow, it's critical for it to be accepted everywhere. We are excited to partner with @blockchain for a new crypto-linked Visa card with 1% back in crypto on all purchases https://t.co/epZsveg5xi
— Cuy Sheffield (@cuysheffield) October 26, 2022
He explained that the card is engineered by California-based payments company Marqeta, which was the same company that developed crypto visa cards for crypto finance firm Swipe.
Visa’s Growing Partnership With Crypto Firms
Visa’s involvement in the production of crypto debit cards pre-dated its latest partnership with the cryptocurrency exchange Blockchain.com. The payment platform recently partnered with crypto exchange FTX to produce debit cards to 40 countries.
FTX and Visa to launch crypto debit card worldwide https://t.co/OU599TQdWx by @DsHollers pic.twitter.com/toUzL6gmB0
— Yahoo Finance (@YahooFinance) October 7, 2022
FTX and Visa both believed that the deal will make spending cryptocurrency a lot easier and also widen the adoption of cryptocurrencies worldwide.
In a related development, Visa’s competitor Mastercard signed a partnership deal on Oct. 25 with BitOasis, a foremost crypto exchange in the Middle East and North Africa (MENA), to produce crypto cards for its customers within the region.
We're pleased to announce a new partnership with @Mastercard to launch crypto-linked cards!
The new payment method will accelerate #crypto adoption in the region and enable you to make payments at over 90 million merchants across Mastercard’s network! pic.twitter.com/ZXW7Lm94Dk
— BitOasis (@bitoasis) October 25, 2022
There is no mincing word that crypto cards will boost the global acceptance of cryptocurrency if successfully executed.