Blockchain.com Launches Free Visa Debit Cards in the US
Blockchain.com announced the launch of its Visa Debit Card today, which allows users to spend their crypto funds without fees while earning an opportunity to win crypto rewards. The card is operated by Visa and advanced card issuer Marqeta, and will initially only be available in the USA.
50,000 users signed up for Blockchain.com Visa cards at launch
Crypto exchange Blockchain.com unveiled its Visa debit card on Wednesday, powered by fintech platform Marqeta. The company has reported 50,000 registrations at launch, according to the press release.
The highly anticipated Blockchain.com Visa Card is a debit card that allows users to spend their crypto funds without fees while earning 1% in crypto rewards. The card “offers no registration, card issuance or annual fees,” Blockchain.com said.
“As one of the crypto industry’s oldest and most trusted platforms, we are excited to roll out the natural next step in making crypto easy to use in the real world and accessible to as many people as possible. This is a great example of digital assets which leaves its mark on the existing financial industry, as we shape the future of (mainstream) finance.”
– Peter Smith, CEO and co-founder of Blockchain.com
The Visa card will initially only be available to US customers, although Blockchain.com plans to launch the card in Europe in early 2023. The crypto exchange is “constantly polishing” its customers to learn more about demand and customer needs, Smith said.
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Visa and Mastercard double down on crypto amid strong interest
In a survey conducted by Marqeta, it was found that 38% of US consumers said they own crypto, underscoring the need to expand crypto use in everyday life. The vast majority of respondents, 93%, said they hold crypto as an asset, while 82% said they would be interested in getting a debit card from their crypto exchanges.
Earlier this month, Visa announced its partnership with crypto exchange FTX to offer debit cards in 40 countries, with a particular focus on Latin America. The cards allow customers to use their crypto balance without transferring funds from an exchange, “like you would with any bank account,” Visa’s CFO said.
Amid strong interest in crypto payments, Visa’s nemesis Mastercard also stepped up its crypto efforts, announcing in October plans to launch a program next year that will allow banks to offer crypto trading services to their customers. The company also introduced an artificial intelligence (AI) solution that helps banks detect high-risk transactions with crypto traders.
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About the author
Tim Fries is the co-founder of The Tokenist. He has a B. Sc. in mechanical engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate in the investment team at RW Baird’s US Private Equity division and is also a co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
