Blockchain.com debuts its Marqeta-powered Visa card
Blockchain.com has launched its Blockchain.com Visa card, which leverages Visa’s payment network and Marqeta’s card issuing platform.
At launch there were 50,000 waiting list registrations; in its original state, the card will only be available to US residents, users will be enabled to spend crypto or cash in the Blockchain.com wallet without paying fees and will earn 1% back in crypto wherever Visa Debit Cards are accepted. After the rollout in the US, the card is expected to be available to customers in several countries from 2023 onwards.
Leveraging Visa’s network and Marqeta’s platform, the Blockchain.com Visa Card offers no registration, card issuance or annual fees. Marqeta’s Just-in-Time Funding feature enables Blockchain.com users to spend from their available crypto balance and settle the transaction in fiat, as each Blockchain.com Visa card will be linked to a verified Blockchain.com Wallet account. Customers will be able to pay for online and physical goods and services using their crypto or fiat balance at any US merchant that accepts Visa debit cards.
Company officials have stated that this launch marks the next step in making crypto accessible to as many people as possible and easy to use in the real world, and is also an example of how digital assets are making their mark in the financial industry.
Marqeta’s State of Money Movement 2022 study shows that among the US consumers surveyed, 38% stated that they own cryptocurrency, highlighting the fact that there is a growing need to enable crypto use in everyday scenarios. Almost all cryptocurrency owners surveyed (93%) said they hold it as an asset. However, there is significant consumer demand to use it more as a currency of exchange, with more than 3 quarters of consumers surveyed globally (82%) stating that they would be interested in their cryptocurrency exchange offering a debit card to use cryptocurrency to make daily purchases.
Blockchain.com, Marqeta, Visa product offerings
Blockchain.com is a global crypto company that aims to help its customers access cryptocurrency in a secure way. With over 80 million customers in more than 200 countries, the company simplifies crypto use with its wallet, fast exchange, data-rich explorer and tailored institutional business. To date, the company has traded on its platform over $1.2 trillion; it has been venture-backed since 2014 and was last valued at USD 14 billion.
Marqeta’s card issuing open API-driven platform helps customers create customized and innovative payment cards and empowers them to build more configurable and flexible payment experiences, helping them accelerate product development and democratize access to card issuing technology. Customers gain access to highly scalable, cloud-based payment infrastructure and are thus able to launch and manage their own card programs, issue cards and authorize and settle transactions.
Visa is a digital payment provider that facilitates transactions between consumers, merchants, financial institutions and government entities in over 200 countries and territories. Their mission is to connect the world through a secure and reliable payment network, while enabling the growth of businesses and economies.
