The financial crypto service provider Blockchain.com has launched its own ‘Blockchain.com Visa Card’. This new payment card uses the Visa network, but is managed via Marqeta’s card issuing platform.
Large waiting list for new debit card
There were reportedly more than 50,000 registrations for the waiting list for the new payment card, while it will initially only be issued in the US. Later this will happen in more jurisdictions.
Users can choose to use either crypto or ‘regular’ money for the debit card and get a 1% cashback wherever they use the card.
By deploying Visa’s network through Marqeta’s platform, the Blockchain.com Visa Card offers no application fees, card issuance fees, or annual fees. Marqeta’s ‘Just-in-Time Funding’ feature allows Blockchain.com users to spend from their available crypto balance and pay for the transaction in fiat. Every Blockchain.com Visa card is linked to a verified Blockchain.com account. Customers can pay for both online and physical goods and services with their crypto or fiat balance at any US merchant that accepts Visa debit cards. This amounts to thousands of traders.
Making crypto accessible to as many people as possible
With the launch of this card, Blockchain.com is taking the next step in making crypto accessible to as many people as possible.
According to a study by Marqeta called Marqeta’s State of Money Movement 2022, 38% of US consumers now own at least 1 cryptocurrency. It also highlighted the growing need to enable crypto use in everyday scenarios.
Nearly all cryptocurrency owners surveyed (93%) said they hold it as an asset. However, there is significant consumer demand to use it more as an exchange currency, with over 75% of consumers surveyed worldwide (82%) saying they would be interested in a debit card from their cryptocurrency exchange to cryptocurrency for making daily purchases.