The launch of the new crypto debit card follows the announcement of similar products from FTX and BitOasis.
Crypto exchange Blockchain.com has partnered with Visa to launch a crypto card, available to only U.S. residents initially, which allows users to pay using their crypto or cash balance wherever Visa debit cards are accepted.
In an Oct. 26 announcement, Blockchain.com revealed that there would be no sign-up or annual fees, no transaction fees, and users would earn 1% of all purchases back in crypto.
In a Yahoo Finance interview, Blockchain.com CEO Peter Smith said the card already had 50,000 signed onto a waiting list, 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 powered by California-based payments company Marqeta, which helped develop crypto finance firm Swipe’s crypto visa card in September 2020.
The announcement follows news that Visa has partnered with crypto exchange FTX to roll out a debit card to 40 countries on October 7.
MasterCard partners with BitOasis
On Oct. 25, Visa’s main competitor Mastercard signed onto a strategic partnership with BitOasis, the leading crypto platform in the Middle East and North Africa (MENA), to launch a series of crypto card programs designed to facilitate the adoption of digital assets in the region.
BitOasis customers will be able to link their wallets to the new card and convert crypto into fiat to enable the use of Mastercard’s global merchant network, with the card expected to launch in early 2023.
The co-founder and CEO of BitOasis, Ola Doudin, sees a huge potential for adoption within the area, noting:
“We continue to witness sustained demand amongst our customers for crypto to be integrated into, and relevant, for their daily lives. Research tells us that 47% of the Middle East population now believe crypto is the future of money.”
The partnership follows a $30 million Series B funding round from BitOasis which closed in October 2021. The funding facilitated the expansion of its Dubai-based platform into MENA.