Popular cryptocurrency exchange Blockchain.com has just announced a new partnership deal with payment service giant Visa. The collaboration will help Blockchain.com to launch a crypto Visa debit card for its customers.
According to a tweet by the exchange on October 26. It will begin its expansion in American countries. From next year, it plans to expand its offerings to several other countries worldwide. A waitlist has been created for customers to join in order to enjoy the benefits and so far about 50,000 users have registered.
Just like traditional Visa debit cards issued by banks, the Blockchain.com debit card allows users access to their funds at all retail locations that accept Visa cards. Interestingly, users can spend their crypto or cash at any time without any processing or administrative fees.
Furthermore, the deal will see holders of the cards earning as much as 1% returns on all purchases. Although the returns will be in crypto. Similarly, users can shuffle between which of their balances they want to make withdrawals from and spend any amount they like from their Blockchain wallet.
Approximately, about 71% of people use their mobile wallet to do transactions, 56% leave their wallets and make use of mobile phones, while 38% own cryptocurrency. Considering the toughness of the crypto and traditional banking system, It’s really hard to spend one’s money, hence the need for the launch of the Visa debit card. It helps customers save their funds and assets as well as withdraw with ease.
The cryptocurrency card market gains traction
With the increase in global acceptance and adoption of cryptocurrency, the crypto debit card market continues to blossom with numerous players introducing their debit cards.
The regulated virtual assets exchange service provider, FTX launched its Visa debit cards in over 40 countries. As reported by cryptomarketsbeat, the exchange has started its expansion in Latin American countries and by the end of the year will enter the European and Asian markets.
In the same vein, Binance exchange also partnered with MasterCard to launch prepaid crypto cards in Argentina. This follows the exchanges’ successful launch of cryptocurrency cards for Ukrainian refugees in April.