Blockchain.com, a crypto exchange, recently announced a partnership with Visa to launch a new debit crypto card. The card will initially be available in the United States only and will allow users to pay in cryptocurrencies wherever debit cards are accepted.
The company believes users should not have to pay fees to spend their crypto. Furthermore, they will provide a 1% cashback on all purchases with no sign-up or annual fees.
“There’s still a lot of demand for crypto products, but you’re seeing that demand shift away from trading and more towards folks that are interested in using DeFi, using their balances.” says Blockchain.com CEO Peter Smith in a Yahoo Finance interview, commenting that more than 50000 had signed onto a waiting list.
Marqeta, a company specializing in payments, will power the new crypto card. The company has prior experience in crypto card management since they helped launch Swipe’s visa card in September 2020.
Shortly afterward, Visa declares its partnership with crypto exchange FTX, hoping to launch a crypto card in over 40 countries on October 7.
BitOasis launches its crypto card with Mastercard
Visa is not alone in the crypto card game. Rival company Mastercard has partnered with BitOasis that is the leading crypto platform in the Middle East and North Africa region. The card is expected to launch in early 2023. It will enable BitOasis customers to link their wallets to their new cards and convert crypto into fiat easily.
The partnership was backed by a strong round of funding amounting to $30 million in October 2021.
Blockchain.com is one of the most trusted and fastest-growing global crypto exchanges. Venture-backed since 2014, Blockchain.com was last valued at $14 billion, making it one of the biggest exchanges as well.