Tue, February 07, 2023

Crypto Debit Cards and the Process of Crypto Adoption

Visa and crypto industry, Coinbase

Plastic cryptocurrency cards step-by-step became more popular. Moreover, such cards are considered an important development when it comes to the adoption of crypto around the world. However, in the past, it was not easy to use such cards due to supplier issues as well as the volatility of digital assets, etc.

Let’s have a look at crypto debit cards. There is no shortage of such cards, so customers have the opportunity to use the one that meets their requirements. One of them is Wirex a London-based crypto debit card provider. Interestingly, the firm offers over 13 traditional and cryptocurrency accounts and has crypto-to-crypto, fiat-to-crypto, and crypto-to-fiat capabilities. Moreover, it is possible to use the card anywhere as payment giant Visa provides support to Wirex.

Moreover, Wirex launched its Russian service on May 19. It offers fiat credit and debit cards. Also, the firm plans to offer customers the opportunity to buy cryptocurrencies such as Bitcoin, Ether, Litecoin, Ripple’s XRP, Dai, and its native Witex token via Visa and Mastercard.

Crypto debit cards and various providers The importance of plastic cryptocurrency cards

As stated above, there are numerous card providers. Revolut has 10 million customers. Interestingly, according to data released by the London-based company a third of customers have traded crypto on its app.

Another provider is a U.K.-based company called Monolith. Notably, the company seeks to bring self-sovereignty to finance thanks to decentralization.

Moreover, there are other interesting providers as well. For example, a U.S.-based platform Coinbase. It provides a variety of functions, including exchange as well as wallet, and trading services. The company launched its crypto debit card in 2019. In the beginning, it was possible to use this card in six European countries. However, Coinbase launched its card in other countries as well. Currently, the card is active in 16 countries.

Several months ago, Coinbase became a principal member of Visa. As a result, it is now able to issue debit cards without the involvement of third parties. Moreover, Coinbase has the ability to issue cards to other crypto companies.

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