Blockchain.com has accepted Visa debit cards payment to enable users to spend from their crypto balances free of charge, with the opportunity to gain cryptocurrency rewards.
Per the announcement:
“Initially available to US residents, users can spend their crypto or cash within their Blockchain.com Wallet without fees and earn 1% back in crypto anywhere Visa debit cards are accepted.”
Blockchain.com Visa Card seeks to make crypto usage easier, given that it leverages Marqeta’s latest card issuing platform and Visa’s payments network.
Peter Smith, the co-founder and CEO of Blockchain.com, pointed out:
“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.”
He added that the Blockchain.com Visa Card would play an instrumental role in shaping the future of mainstream finance.
Based on Marqeta’s notable Just-in-Time Funding feature, Blockchain.com users will have the chance to seamlessly transact in fiat from their available crypto balances.
This will be made possible because each Blockchain.com Visa card will be linked to an approved Blockchain.com Wallet account.
Simon Khalaf, Marqeta’s chief product officer, stated:
“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.”
With Marqeta’s 2022 State of Money Movement survey disclosing that 38% of US consumers are crypto owners, it highlighted the surging need for crypto usage in daily scenarios.
Cuy Sheffield, the head of crypto at Visa, noted:
“At Visa, we believe for crypto adoption to grow, it’s critical for it to be easily accepted everywhere. We’re excited to partner with leading crypto wallets and exchanges like Blockchain.com to unlock more ways consumers can use their crypto for everyday purchases.”
Meanwhile, Mastercard recently inked a deal with BitOasis to establish a series of crypto card programs aimed at boosting daily cryptocurrency usage in the Middle East & North Africa (MENA) region, Blockchain.News reported.