Blockchain.com Introduces A Visa Debit Card That Allows Users To Pay In Crypto
Blockchain.com, a renowned and trusted platform to buy, sell, and trade crypto, has recently announced its Visa debit card. The introduction of this debit card has been expected for quite some time now.
The Blockchain.com Visa card has a huge waitlist of 50,000 people wanting to sign up.
The card is already at its launch. The debit card will allow users to pay with digital currency or fiat balances.
It will be initially made available to people living in the US. Users will be able to use their crypto-or fiat money within the Blockchain.com wallet without incurring any fees.
Additionally, users will be getting 1% back in crypto wherever Visa debit card transactions are available.
The card will be launched in other countries as well by the beginning of next year.
Cuy Sheffield, head of Crypto at Visa, mentioned,
At Visa, we believe for crypto adoption to grow, it’s critical for it to be easily accepted everywhere. 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.
Making Crypto More Accessible
Visa’s payments network and Marqeta, the modern card issuing platform, and the exchange platform Blockchain.com offer this Visa card a no-sign-up, card issuance, or annual fee benefit.
Marqeta’s study of the 2022 State of Money Movement research revealed that 38% of consumers in the US have said that they own digital assets.
This has been an important finding as it puts light on the need to make digital assets usable for day-to-day transactions.
Close to 93% of the digital asset owners mentioned in the survey that they hold crypto just like an asset.
There is just a considerable increase in demand amongst consumers to use the asset as currency for exchange primarily.
Peter Smith, Blockchain.com CEO and Co-Founder stated,
As one of the crypto industry’s oldest and most trusted platforms, we’re excited to roll out the natural next step to make crypto easy to use in the real world and accessible to as many people as possible. 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.
Features Of The Newly Introduced Visa Debit Card
The feature by Marqeta, which is the Just-In-Time Funding feature, will now allow Blockchain.com users to spend the available digital currency balance to conduct transactions with fiat currency.
Each of these Blockchain.com Visa Cards will have a link to a verified Blockchain.com Wallet account.
After this, users will be able to use their digital assets or fiat currency to pay online for goods and services at US merchants that accept Visa debit cards.
Simon Khalaf, Chief Product Officer at Marqeta, quoted,
Blockchain.com is one of the most dynamic crypto companies on the market today and we see huge DNA-fit in this new partnership.Blockchain.com has built up a massive user base, and we’re proud that our platform can make it possible for their customers to spend against their cryptocurrency wallet at the point of sale, using the magic of Just-in-Time funding.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.