Blockchain.com has teamed up with Visa to launch a debit card, now available to US residents. The card hit the market on October 26, with as many as 50,000 waitlist sign-ups at launch. Using Blockchain.com Visa Card, users can pay with cash or cryptocurrencies from their Blockchain.com wallet and earn a 1% reward in crypto wherever Visa debit cards are accepted. The operator charges no annual or transaction fees.
"As one of the crypto industry's oldest and most trusted platforms, we're excited to roll out the natural next step to make crypto easy to use in the real world and accessible to as many people as possible," Blockchain.com CEO Peter Smith said in a press release. "This is a prime example of digital assets making their mark on the existing financial services industry, as we shape the future of mainstream finance," he added.
The card was built on the open APIs provided by Marqeta, a California-based company, which helped Swipe, a cryptocurrency debit card issuer, develop their product two years ago. Recently, Marqeta conducted a survey which revealed that 38% of US consumers owned cryptocurrency and 82% of global consumers participating in the study declared interest in having a crypto exchange-issued debit card for everyday purchases.
"Blockchain.com has built up a massive user base, and we're proud that our platform can make it possible for their customers to spend against their cryptocurrency wallet at the point of sale," said Simon Khalaf, Chief Product Officer at Marqeta. Blockchain.com has over 80 million customers across more than 200 countries, and so far, it has transacted over $1.2 trillion on its platform.
