50,000 Blockchain.com users are already waiting for the distribution of the Blockchain.com Visa® Card.
Blockchain.com, a cryptocurrency financial service company established in 2011, has collaborated with Visa to launch debit cards.
According to the press release shared on October 26th with Blockchain.com Visa® Card, users will be able to spend their crypto or cash anywhere Visa cards are accepted.
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By using the card, users will be eligible to receive 1% cash back in crypto on all purchases. In its announcement, the company didn’t specify the particular digital assets that will be distributed as cash back. It is worth mentioning that, initially, Blockchain.com Visa® Card will be available only to the residents of the United States.
When talking about its new product, Blockchain.com CEO and Co-Founder Peter Smith noted:
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.
In its announcement, Blockchain.com emphasized that using Visa Card users will not be exposed to sign-up, card issuance, or annual fees.
The Blockchain.com Visa® Card will combine Visa’s payment network and Marqeta’s card issuing platform to offer an easy and efficient way for Blockchain.com users to spend their crypto.
More specifically, Blockchain.com Visa® Card incorporates Marqeta’s Just-in-Time Funding feature allowing users to spend their Blockchain.com Wallet balances and “seamlessly settle the transaction in fiat.”
Marqeta Chief Product Officer Simon Khalaf shared his excitement about the collaboration, noting:
Blockchain.com has built up a massive user base, and we’re proud that our platform can make it possible for their customers to spend against their cryptocurrency wallet at the point of sale, using the magic of Just-in-Time funding.
Blockchain.com noted that 50,000 customers have already signed up for the card’s waitlist. Although the company didn’t reveal when the cards will be distributed to US customers, it highlighted that Blockchain.com expects to expand its Blockchain.com Visa® Card network in 2023.
In other news, Blockchain.com has recently stopped providing its services to Russian citizens following the new EU sanctions.