The Visa Card is issued and powered by Marqeta, a well-known card issuing, and payment solutions firm, and users will receive a 1% cash back in crypto assets whenever they use the card.
Blockchain.com’s CEO Peter Smith spoke about the launch, saying “the natural next step” in making crypto “easy to use in the real world, with the aim of making it “accessible to as many people as possible.” He viewed the launch as a “prime example’ of crypto service firms and digital assets “making their mark” on the current financial services industry, shaping the “future of mainstream finance’
The launch closely follows the firm’s partnership agreement with Dallas Cowboys quarterback Dak Prescott, while also signing a deal with the entire Dallas Cowboys team around April, becoming the team’s “official digital asset partner’
Cuy Sheffield, the head of Visa’s crypto unit, spoke for the payment solutions giant, as he believes “mainstream finance solutions’ like cards would help bolster mass adoption for crypto amongst users. To him, it is a new way to help consumers “user their crypto for everyday purposes”
The Visa Card will be available solely in the US, at least for the early adoption phase. To be eligible to receive a Visa card from Blockchain.com, a user must have an existing and functioning Blockchain.com wallet
To use the card, Blockchain.com will convert crypto assets to their US Dollar value for use in purchases and ATM withdrawals this would all be done automatically.
With this launch, Blockchain.com will follow the likes of Crypto.com, Ripio, Bitso, Coinbase, Bitpay, Blockfi, and FTX. Users of the Visa Card will, according to the firm, be able to spend “from a crypto balance fee-free”, with the opportunity to win crypto rewards.