Blockchain.com, a provider of cryptocurrency wallets, has partnered with payment company Visa to provide digital asset-backed cards. Blockchain.com said in an announcement recently that it will roll out its crypto card in partnership with Visa, eyeing 31 European markets for the launch.
The firm also expects to make the debit card available in Asia, Africa, Australia, and New Zealand in early 2022. The new offering is co-branded with the payment company and will allow users to spend the USD Digital Reserve (USDR), a U.S.-dollar denominated stablecoin launched by Paxos Trust Company last year.”
The news follows on the heels of other companies partnering with Visa to offer their own digital payment solutions. Earlier this year, Facebook launched Libra Coin – on its own blockchain – which will be used for payments on WhatsApp and Messenger (among other platforms). And PayPal recently launched PaywithVisa which enables customers to use their PayPal balance to make purchases wherever Visa Debit cards are accepted online or over the phone.
Blockchain.com To Introduce Crypto Debit Cards
The company announced Monday that it will issue crypto debit cards for its users, enabling them to spend their crypto funds in stores or online using traditional payment methods such as credit and debit cards.
Blockchain.com has partnered with Visa to offer crypto debit cards, the company announced on Dec. 15. The new offering is co-branded with the payment company and will allow users to spend the USD Digital Reserve (USDR), a U.S.-dollar denominated stablecoin launched by Paxos Trust Company.
According to Chan, the launch of their Visa card marks a “major milestone” for both companies: “We are extremely excited to launch this product today after months of hard work from our team here at Blockchain Wallet and our partners at Visa. Our goal is simple: make it easy for consumers around the world who want freedom from traditional banking systems while still being able to pay using fiat currencies like USD or EUR.”