News
Crypto cards now rival banks for everyday purchases in Europe, with nearly half of transactions under $12 and online spending far above the eurozone average.
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Bitcoin Debit Card News
The idea of creating plastic cards pegged to Bitcoin has been developed from the start of the appearance of Bitcoin in 2008. In 2011-2012, the Bitcoin community started discussing the real possibility of issuing Bitcoin debit cards and their prospects. The attractiveness of this idea is obvious to investors, developers and users, as BTC debit cards could significantly facilitate the use of virtual currency in daily life and, consequently, popularize cryptocoins. By replenishing such cards with Bitcoin, it is possible to pay in shops which don’t accept Bitcoin, as it will be converted into fiat currency automatically. In 2015-2016, the number of projects related to virtual money debit cards began to grow, so currently a cryptocurrency holder can choose among over 25 companies.
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There’s a growing demand to pay for food with Bitcoin in-store and online. As institutions adopt Bitcoin as a store of value, people also want to use it for everyday purchases.
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Wirex first launched its crypto debit card in 2015 and currently claims over six million customers.
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Binance didn’t reveal the exact reason behind the suspension but claimed it would only impact 1% of users in the affected regions.
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Wirex cards may stop working in the European Economic Area, but funds held in the account are safe, the company said.
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The EU Cryptopay cards may stop working soon as the Bank of Lithuania has revoked the EMI license of the app’s provider, UAB PayrNet.
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Bybit is set to roll out Mastercard-powered debit cards, allowing users to pay for goods and services with cryptocurrency holdings.
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The American Express executive said that the firm is bullish on crypto and is actively working to incorporate more crypto-related services in the future.
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Mastercard is angling to become the go-to for governments and private entities when testing and rolling out central bank digital currencies or stablecoins.
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This spring, crypto-related transactions using Visa were a significant boost to the company’s cross-border volume, although this effect is beginning to wane.
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Monobank is seeking approval from the National Bank of Ukraine to launch its Bitcoin debit card later this month.
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Whitelisted Coinbase Card users will be able to use crypto to pay via Apple Pay and Google Pay while earning up to 4% in rebates.
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StormX has quietly rallied more than 2,800% since February as the project's crypto rewards program and plans to launch a debit card bear fruit for early investors.
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Cryptocurrency exchange platform and card issuer Crypto.com has partnered with Visa and plans to debut fiat lending.
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Fiat-to-crypto on-ramp service provider Simplex has partnered with Visa to allow its client firms to issue crypto debit cards.
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