Blockchain.com has debuted a Visa Card, initially available to US residents, that allows users to spend their crypto or cash within their Blockchain.com Wallet without fees and earn 1% back in crypto anywhere Visa debit cards are accepted.
The Visa Card already had 50,000 waitlist sign-ups already at launch and is set to onboard more Blockchain.com users as the digital asset exchange expands access to users in more jurisdictions. After the US rollout, the card will be available to customers in more countries starting in 2023.
Blockcchain.com caters to more than 80 million customers in over 200 countries and features a wallet, an exchange, a data-rich explorer, and a bespoke institutional business.
Blockchain.com’s Visa Card was built on Marqeta’s open APIs
The debit card was built on the open APIs by Marqeta, a card issuing platform that allowed Blockchain.com to create a customized and innovative payment card for its users.
Marqeta’s open APIs allows customers to build configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Using Marqeta, Blockchain.com is able to launch and manage its own card programs, issue cards and authorize and settle transactions.
The card issuing platform features Just-in-Time Funding that allows Blockchain.com users to spend from their available crypto balance and seamlessly settle the transaction in fiat.
Every Blockchain.com Visa Card will be linked to a verified Blockchain.com Wallet account. Customers will be able to use their crypto or fiat balance to pay for online and physical goods and services at every US merchant that accepts Visa debit cards.
The Blockchain.com Visa Card will let users spend from a crypto balance fee-free and offer the opportunity to earn crypto rewards.
Peter Smith, CEO and Co-Founder at Blockchain.com, said: “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. 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.”
Simon Khalaf, Chief Product Officer at Marqeta, added: “Blockchain.com is one of the most dynamic crypto companies on the market today and we see huge DNA-fit in this new partnership. 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, using the magic of Just-in-Time funding. Blockchain.com’s new Visa card is a textbook example of the possibility of Marqeta’s technology and we look forward to working together to build innovative products like this as crypto evolves in the years to come.”
Cuy Sheffield, Head of Crypto at Visa, commented: “At Visa, we believe for crypto adoption to grow, it’s critical for it to be easily accepted everywhere. We’re excited to partner with leading crypto wallets and exchanges like Blockchain.com to unlock more ways consumers can use their crypto for everyday purchases.”