Blockchain.com Launches No-Fees Visa Debit Card in the US
Blockchain.com is launching a Visa debit card in partnership with fintech firm Marqeta, to allow users to spend crypto without fees.
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Blockchain.com announced the launch of its Visa debit card today, allowing users to spend their crypto funds with no fees while earning an opportunity to win crypto rewards. The card is powered by Visa and advanced card issuer Marqeta, and will initially be available in the US only.
50,000 Users Signed Up for Blockchain.com Visa Card at Launch
Crypto exchange Blockchain.com unveiled its Visa debit card Wednesday, powered by the fintech platform Marqeta. The company has reported 50,000 sign-ups at launch, according to the press release.
The long-awaited Blockchain.com Visa Card is a debit card that allows users to spend their crypto funds without fees while being able to earn 1% in crypto rewards. The card also “offers no sign-up, card issuance, or annual fees,” Blockchain.com said.
“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.”
– Peter Smith, CEO and Co-Founder of Blockchain.com
The Visa Card will initially be available to US customers only, though Blockchain.com plans to launch the card in Europe in early 2023. The crypto exchange is “constantly polling” its customers to learn more about demand and customer needs, said Smith.
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Visa and Mastercard Doubling Down on Crypto Amid Strong Interest
In a survey conducted by Marqeta, it was found that 38% of US consumers said they own crypto, emphasizing the need to expand crypto use in everyday life. The large majority of respondents, 93%, said they hold crypto as an asset, while 82% said they would be interested in getting a debit card from their crypto exchanges.
Earlier this month, Visa announced its partnership with crypto exchange FTX to offer debit cards in 40 countries, with a particular focus on Latin America. The cards allow customers to spend their crypto balance without transferring funds off an exchange, “like you would with any bank account,” said Visa’s CFO.
Amid robust interest in crypto payments, Visa’s nemesis Mastercard also ramped up its crypto efforts, announcing in October its plan to launch a program next year that allows banks to provide crypto trading services to their clients. The company also introduced an artificial intelligence (AI) solution that helps banks detect high-risk transactions with crypto merchants.
Would you be interested in getting a crypto debit card from your exchange? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
