Key Insights:
- Blockchain.com collaborates with Visa to launch a crypto card powered by Marqeta.
- The Crypto card has about 50,000 users signed onto its waiting list
- The Blockchain.com & Visa collaboration comes after Mastercard & BitOasis collaboration for a similar launch.
Crypto cards make it easy to spend directly from your wallet without converting the tokens to fiat. They also allow users to spend directly from exchange accounts or as a dedicated crypto wallet.
Crypto cards convert crypto tokens to fiat, such as dollars, with little service charges. Crypto card providers provide cash back when you use the cards for purchases and transactions.
However, crypto cards are not (yet) available for global usage. The service covers a few countries for now. They also do not allow larger purchases and cannot finance bigger transactions.
Blockchain.com To Launch Crypto Visa Card
Blockchain.com has announced a partnership with Visa to launch a crypto card.
The initial launch of the crypto card will be available to United States residents (only). Users and holders of the card will be able to make payments using their crypto or cash balance with the card. It will be accepted for transactions at every location where Visa cards are accepted.
Blockchain.com revealed that cardholders would not pay sign-up, transactions, or annual fees. Every user would have the benefit and earn 1% of all purchases in crypto.
In this tweet, Blockchain.com CEO Peter Smith said that you have the flexibility to spend from any balance inside your wallet. Similarly, he said you can “toggle between which asset you spend from.” He affirmed that there is a demand shift from trading to interests in DeFi and users using their balances.
Interestingly, the card already had 50,000 signed onto its waiting list. Cuy Sheffield, Visa’s head of crypto, said the worldwide adoption would help grow the crypto products and services.
The Blockchain.com & Visa crypto card is a product of Marqeta, a California-based payment company. Recall that in September 2020, Marqeta helped develop Swipe’s crypto visa card.
Similarly, Visa is partnering with FTX, a crypto exchange, to launch a card across 40 countries.
Conclusion
Visa has partnered with FTX and is now partnering with Blockchain.com to launch a similar crypto card. A few days ago, Mastercard signed a strategic partnership with BitOasis to launch crypto card programs.
All these partnerships and crypto card launches are in a bid to facilitate the adoption and usage of digital assets.
So far, these innovations have been met with positive responses and acceptance.
