Blockchain.com taps Marqeta for crypto cards

Initially available to US residents, users can spend crypto or cash in the Blockchain.com wallet with no fees and earn 1% back in crypto anywhere Visa Debit Cards are accepted.

The Blockchain.com Visa card will allow users to spend from a crypto balance fee-free and offer the opportunity to earn crypto rewards. Leveraging Visa’s (NYSE: V) payment network and Marqeta’s (NASDAQ: MQ) modern card issuance platform, the Blockchain.com Visa Card also offers no registration, card issuance, or annual fees.

“As one of the crypto industry’s oldest and most trusted platforms, we are excited to roll out the natural next step in making crypto easy to use in the real world and accessible to as many people as possible,” said Peter Smith, Blockchain. com CEO and co-founder. “This is a great example of digital assets making their mark on the existing financial industry as we shape the future of (mainstream) finance.”

Marqeta’s 2022 State of Money Movement study revealed that 38% of US consumers surveyed said they own cryptocurrency, underscoring the growing need to enable crypto use in everyday scenarios. Almost all (93%) of cryptocurrency holders surveyed said they hold it as an asset, but there is significant consumer demand to use it more as a currency for exchange, with over three-quarters (82%) of consumers surveyed globally , said they would be interested if their cryptocurrency exchange offered them a debit card where they could use cryptocurrency to make daily purchases.

“At Visa, we believe that for crypto adoption to grow, it is critical that it be easily accepted everywhere,” said Cuy Sheffield, Head of Crypto at Visa. “We are excited to partner with leading crypto wallets and exchanges like Blockchain.com to unlock more ways for consumers to use their crypto for everyday purchases.”

Marqeta’s industry-leading Just-in-Time Funding feature allows Blockchain.com users to spend from their available crypto balance and seamlessly settle the transaction in fiat. Each 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 all US merchants that accept Visa debit cards.

“Blockchain.com is one of the most dynamic crypto companies on the market today, and we see tremendous DNA alignment in this new partnership,” said Simon Khalaf, Chief Product Officer at Marqeta. “Blockchain.com has built a massive user base and we are proud that our platform can enable their customers to spend money 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 potential 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.”

Starting today, all US customers can join the 50,000 people already on the waiting list (Blockchain.com/card). After the rollout in the US, the card will be available to customers in several countries from 2023.

With more than 80 million customers in over 200 countries, Blockchain.com makes crypto easy to use with a powerful wallet, lightning-fast Exchange, data-rich Explorer and a tailored institutional business. It has transacted more than $1.2 trillion on its platform to date.