Visa to partner blockchain.com to release a crypto card: A new way to use your crypto
After MasterCard, one of the world’s largest payment networks, Visa, also announces its cryptocurrency collaborations to provide a better way to use your crypto. Here’s how.
Blockchain.com, a cryptocurrency exchange, has teamed up with Visa to introduce a crypto card that lets customers make purchases using their cryptocurrency or cash balance everywhere Visa debit cards are accepted. The crypto card is initially only available to the United States.
Blockchain.com announced on October 26 that there would be no yearly or sign-up costs, no transaction fees, and consumers would receive 1% of all purchases back in cryptocurrency.
Blockchain.com CEO Peter Smith claimed that 50,000 people had already signed up for the card in an interview with Yahoo Finance, noting:
“The demand for cryptocurrency products is still strong, but it is shifting away from trading and toward those who want to use DeFi to use their balances.”
Cuy Sheffield, the head of the cryptocurrency at Visa, noted that continued growth in crypto usage requires global approval after the news.
The card’s processor is California-based Marqeta, which also worked on the Swipe crypto visa card that was launched in September 2020.
The declaration comes after information that Visa and cryptocurrency exchange FTX have teamed up to launch a debit card in 40 nations on October 7.
The International Payments System of Japan will evaluate plastic cards for CBDC.
On the other hand, Mastercard, the primary rival of Visa, agreed to a strategic alliance with BitOasis, the top cryptocurrency platform in the Middle East and North Africa (MENA), to introduce several crypto card programs intended to speed up the uptake of digital assets in the region.
Customers of BitOasis will be able to connect their wallets to the new card and exchange cryptocurrency for fiat to use Mastercard’s extensive merchant network once it launches in early 2023.
Ola Doudin, co-founder and CEO of BitOasis, sees enormous adoption potential in the space and states:
“We continue to see a persistent demand from our clients for cryptocurrency to be relevant to and integrated into their daily lives. According to research, 47% of people in the Middle East currently think cryptocurrency is the future currency.”
The collaboration comes after BitOasis completed a $30 million Series B fundraising round in October 2021. The money made it possible for its platform, which is based in Dubai, to grow throughout MENA.
Moreover, PrivacySwap also envisions bridging fiat and crypto transactions through a debit card. Hence, the birth of PrivacyCard. However, we respect everyone’s boundaries regarding which crypto platform to use for their daily crypto transaction. So we introduced our Whitelabel which allows other crypto platforms to have their own debit card for their users. This allows more crypto users to convert their crypto into fiat seamlessly and conveniently.
We are continuously reaching out to more platforms to discuss our Whitelabel along with our visions to improve fiat to crypto transactions. Now that there are more businesses that gradually engage with blockchain technology, crypto-to-fiat exchanges will surely be smooth, safe, and flawless.
Come and join us!