Crypto exchange Blockchain.com partners with Visa to offer a crypto debit card. The launch of the new crypto debit card follows the announcement of a similar product with FTX.
Cryptocurrency exchange Blockchain.com has partnered with Visa to launch a crypto card, initially available only to US residents, that allows users to pay with crypto or cash wherever Visa debit cards are accepted. In an October 26 announcement, Blockchain.com said there would be no registration or annual fees, no transaction fees, and users would receive 1% of all purchases back in crypto.
Introducing the https://t.co/0DZyULavbV Visa® Card.— Blockchain.com (@blockchain) October 26, 2022
✅ 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
In an interview with Yahoo Finance, Blockchain.com CEO Peter Smith said that 50,000 people have already signed up for the card, noting:
“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.”
Following the announcement, Visa’s head of crypto, Cuy Sheffield, pointed out that worldwide acceptance is necessary for crypto adoption to continue to grow.
The card is backed by California-based payment company Marqeta, which in September 2020 helped develop the Swipe cryptocurrency card for a cryptocurrency financial company.
The announcement follows news that Visa has partnered with cryptocurrency exchange FTX to launch a debit card in 40 countries on October 7.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.