Users will be able to pay with their cryptocurrency or traditional money at any location that accepts Visa cards. However, at this time, it will initially only be accessible to inhabitants of the United States.
Blockchain.com disclosed that there would not be any sign-up fees or annual fees involved. However, customers are eligible to receive 1% of the value of all purchases back in cryptocurrency.
In an interview with Yahoo Finance, Peter Smith, the chief executive officer of Blockchain.com, revealed that the card already has 50,000 approved customers on a waiting list for it.
He stated, "There are still many demands for crypto products and services, but the demand seems to be away from just trading the market, and more people are interested in making use of decentralized finance, using their balance." He was referring to the fact that more people are becoming interested in making use of their balances.
The head of crypto for Visa cards, Cuy Sheffield, stated that it is essential for the card to be accepted all over the world in order for the adoption of cryptocurrencies to continue to expand. In the meanwhile, the payments company Marqeta, based in California, is responsible for powering the card.
The cryptocurrency Visa card that will be issued by Swipe in September 2020 was developed with the assistance of the corporation. The news comes after Visa and the cryptocurrency exchange FTX collaborated earlier this month to bring a debit card to more than 35 nations around the world.
MasterCard Has Entered Into a Partnership With BitOasis
Mastercard, which is the most significant rival of Visa in the field of the payment business, has also accepted a strategic cooperation with BitOasis, which is the most successful cryptocurrency company in the Middle East and North Africa (MENA).
Users of BitOasis can link the addresses of their wallets to the new card and convert cryptocurrency to fiat currency. In addition to this, they will be able to take advantage of the expansive Mastercard merchant network once the card is issued at the beginning of the following year as planned.
Ola Doudin, co-founder and chief executive officer of BitOasis, anticipates a big outcome for the adoption of cryptocurrency and other forms of digital assets within that region.
Doudi stated as he reacted to the latest development, "We keep seeing sustainable demand amongst our users for cryptocurrency to be merged into and made significant for their everyday life." According to recent surveys, nearly half of the people living in the Middle East currently consider cryptocurrencies to be the money of the future.
The strategic alliance follows BitOasis' Series B investment round in October 2021, which brought in a total of 30 million dollars. The Series B funding allowed the company to grow its platform in Dubai, which serves the Middle East and North Africa (MENA).
