Blockchain.com has collaborated with Visa to introduce a crypto card that lets users pay with their cryptocurrency or cash balance anywhere Visa debit cards are allowed. The crypto card is initially available exclusively to U.S. residents.
Blockchain.com announced on October 26 that there would be no yearly or sign-up costs, no transaction fees, and clients would receive 1% of all purchases back in the form of cryptocurrency.
Peter Smith, CEO of Blockchain.com, stated that 50,000 have already signed onto the waiting list for the card.
Cuy Sheffield, the head of the cryptocurrency at Visa, noted that steady expansion in crypto usage requires global recognition after the announcement.
The card’s issuer is California-based Marqeta, which also worked on the Swipe crypto visa card that will launch in September 2020.
The announcement comes after news that Visa and crypto exchange FTX have teamed up to launch a debit card in 40 countries on October 7.
On October 25, Visa’s major rival Mastercard agreed to a strategic partnership with crypto platform BitOasis to introduce a number of crypto card programs intended to speed up the adoption of digital assets in the territory.
When the new card launches in early 2023, BitOasis users will be able to connect their wallets to it and exchange cryptocurrency for cash to access Mastercard’s extensive merchant network.
The collaboration comes after BitOasis completed a $30 million Series B fundraising round in October 2021. The funding made it possible for its Dubai-based platform to grow throughout the Middle East and North Africa (MENA).
