Blockchain.com has recently announced that they are partnering with Visa to launch a crypto debit card. This debit will allow the users to use the debit card to pay for goods and services with direct crypto or cash at any outlet which accepts the Visa debit card.
Blockchain.com announced on October 26 that there would be no yearly or sign-up costs, no transaction fees, and consumers would receive 1% of all purchases back in cryptocurrency.
Blockchain.com CEO Peter Smith in an interview with Yahoo Finance announced that 50,000 people have already signed up for the card's waiting list. He also added that
“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.”
On this announcement Visa’s Head of Crypto, Cuy Sheffield responded “worldwide acceptance is necessary for crypto adoption to continue to grow”. The card's processor is California-based Marqeta, which also worked on the Swipe crypto visa card that was launched in September 2020.
The declaration comes after information that Visa and cryptocurrency exchange FTX have teamed up to launch a debit card in 40 nations on October 7.
Visa's competitor MasterCard partners with BitOasis
At the same time, a similar platform also partnered with a big brand to provide better crypto services. On October 25, Mastercard, the primary rival of Visa, agreed to a strategic partnership with BitOasis, the top cryptocurrency platform in the Middle East and North Africa (MENA), to introduce a number of crypto card programs intended to speed up the uptake of digital assets in the region.
Customers of BitOasis will be able to connect their wallets to the new card and exchange cryptocurrency for fiat to use Mastercard's extensive merchant network once it launches in early 2023. On this collaboration the co-founder and CEO of BitOasis, Ola Doudin said: -
“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 collaboration comes after BitOasis completed a $30 million Series B fundraising round in October 2021. The money made it possible for its platform, which is based in Dubai, to grow throughout MENA.
Day by day more and more fitch related platforms are invested in cryptocurrency, even though the crypto market is down for a long now but the growth in the adoption of crypto is good news for all crypto users.
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