Visa and partners to issue a crypto debit card

By: Henry Felix

Visa and partners to issue a crypto debit card

October 27, 2022 5:32 AM

Similar products were recently announced by FTX and BitOasis, and now a new crypto debit card has been released.


Swapping Cryptocurrencies and Visa have collaborated to release a crypto card, initially only for U.S. residents, that can be used to make purchases with either a crypto or fiat balance at any location that accepts Visa debit cards.


On October 26th, announced that there would be no initial or recurring fees, no transaction fees, and 1% cash back in cryptocurrency on all purchases. CEO Peter Smith noted in an interview with Yahoo Finance that 50,000 people had signed up for a waiting list for the card.


"Although there is still a high demand for crypto products, that interest is shifting from trading to spending one's DeFi balance."


Cuy Sheffield, Visa's head of crypto, commented on the announcement by saying that widespread adoption is crucial to the future of the industry.


In September of 2020, crypto finance firm Swipe will release its own crypto visa card, powered by California payments company Marqeta.


The news comes after Visa and FTX, a cryptocurrency exchange, announced they would launch a debit card in 40 countries on October 7.


The MasterCard-BitOasis Alliance


In an effort to speed up the widespread adoption of digital assets in the Middle East and North Africa (MENA), Visa's main competitor Mastercard announced on October 25 that it had formed a strategic partnership with BitOasis, the region's preeminent cryptocurrency platform.


Launching in early 2023, the new card will allow BitOasis customers to convert their cryptocurrency holdings into fiat currency and use the Mastercard global merchant network.


BitOasis co-founder and CEO Ola Doudin thinks there's a lot of room for growth there, saying:


"Customers have a consistent desire for crypto to be useful in their everyday lives, and we're seeing that demand grow. According to surveys, 47% of Middle Easterners now think cryptocurrency will replace traditional currencies."


BitOasis recently closed a $30 million Series B funding round in October 2021, which paved the way for the partnership. The money allowed the company to extend its platform outside of Dubai and into the MENA region.