Today, Blockchain.com, one of the world’s most trusted and popular platforms for buying, selling and trading crypto, announced the debut of its highly anticipated Blockchain.com Visa® Card, with 50,000 enrollments already on the waitlist at launch.
Initially available to US residents, users can spend their cryptos or cash in their Blockchain.com wallet with no fees and receive 1% back in crypto wherever Visa debit cards are accepted.
The Blockchain.com Visa Card allows users to spend from a crypto balance with no fees and offers an opportunity to earn crypto rewards. Leveraging Visa’s (NYSE: V) payments network and Marqeta’s (NASDAQ: MQ) advanced card issuance platform, the Blockchain.com Visa Card also offers no sign-up, card issuance, or annual fees.
“As one of the crypto industry’s oldest and most trusted platforms, we’re excited to introduce the natural next step to make crypto easy to use in the real world and accessible to as many people as possible,” said Peter Smith, Blockchain. com CEO and co-founder. “This is a prime example of how digital assets are shaping the existing financial services industry as we shape the future of (mainstream) finance.”
Marqeta’s 2022 State of Money Movement study found that 38% of US consumers surveyed said they owned cryptocurrency, underscoring the growing need to enable the use of crypto in everyday scenarios. Almost all (93%) of cryptocurrency owners surveyed said they hold them as an asset, but there is significant consumer demand to use them more as a currency of exchange, with more than three-quarters (82%) of consumers surveyed globally Saying this would be interested if their cryptocurrency exchange would offer them a debit card that would allow them to use cryptocurrency for everyday purchases.
“At Visa, we believe that being able to be easily accepted everywhere is critical to growing crypto adoption,” said Cuy Sheffield, Visa’s head of crypto. “We’re excited to partner with leading crypto wallets and exchanges like Blockchain.com to unlock more ways for consumers to use their cryptos for everyday purchases.”
Marqeta’s industry-leading just-in-time funding capability allows Blockchain.com users to spend from their available crypto balance and settle the transaction seamlessly in fiat. Each Blockchain.com Visa Card is linked to a verified Blockchain.com wallet account. Customers can use their crypto or fiat balance to pay for online and physical goods and services at any US merchant that accepts Visa debit cards.
“Blockchain.com is one of the most dynamic crypto companies out there today, and we see a tremendous DNA fit in this new partnership,” said Simon Khalaf, Chief Product Officer at Marqeta. “Blockchain.com has built a massive user base and we are proud that our platform can enable their customers to spend at the point of sale against their cryptocurrency wallet, using the magic of just-in-time funding . Blockchain.com’s new Visa card is a textbook example of the possibilities of Marqeta’s technology, and we look forward to working together to create innovative products like this as crypto evolves in the years to come.”
Starting today, all US customers can join the 50,000 people already on the waiting list (Blockchain.com/card). After the US rollout, the card will be available to customers in additional countries starting in 2023.
With more than 80 million customers in 200+ countries, Blockchain.com makes crypto easy to use with a powerful wallet, lightning-fast exchange, data-rich explorer, and bespoke institutional deal. To date, it has turned over more than $1.2 trillion on its platform.