Today Blockchain.com, one of the world’s most trusted and popular platforms to buy, sell, and trade crypto, announced the debut of its highly anticipated Blockchain.com Visa® Card, with 50,000 waitlist sign-ups already at launch. Initially available to US residents, users can 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 Blockchain.com Visa Card will let users spend from a crypto balance fee-free and offer the opportunity to earn crypto rewards. Leveraging Visa’s (NYSE: V) payments network and Marqeta’s (NASDAQ: MQ) modern card issuing platform, the Blockchain.com Visa Card also offers no sign-up, card issuance, or annual fees.
“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,” said Peter Smith, Blockchain.com CEO and Co-Founder. “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.”
Marqeta’s 2022 State of Money Movement study revealed that 38% of US consumers surveyed said they own cryptocurrency, highlighting the growing need to enable crypto use in everyday scenarios. Nearly all (93%) of cryptocurrency owners surveyed said they hold it like an asset, but there is significant demand for consumers to use it more as a currency for exchange, with over three-quarters (82%) of consumers surveyed globally saying they would be interested if their cryptocurrency exchange offered them a debit card where they could use cryptocurrency to make everyday purchases.
“At Visa, we believe for crypto adoption to grow, it’s critical for it to be easily accepted everywhere,” said Cuy Sheffield, Head of Crypto at Visa. “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.”
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. 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.
“Blockchain.com is one of the most dynamic crypto companies on the market today and we see huge DNA-fit in this new partnership,” said Simon Khalaf, Chief Product Officer at Marqeta. “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.”
Starting today, all US customers can join the 50,000 people already on the waitlist (Blockchain.com/card). After the US rollout, the card will be available to customers in more countries starting in 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 bespoke Institutional business. It has transacted more than $1.2 trillion on its platform to date.