Blockchain.com Visa Card, Powered by Marqeta, Debuts with 50,000 Sign-Ups at Launch

Rhea-AI Summary

Blockchain.com has announced the launch of its Visa® Card powered by Marqeta, available to US customers with 50,000 people already on the waitlist. Users can now spend both crypto and cash without any fees and earn 1% back in crypto wherever Visa debit cards are accepted. The card features no sign-up, issuance, or annual fees, supporting the growing demand for crypto usage in everyday purchases. Blockchain.com CEO Peter Smith highlighted the importance of this step in making crypto accessible to more users, while Marqeta's technology enables seamless transactions utilizing Just-in-Time Funding.

Positive

• Launch of the Blockchain.com Visa Card allows fee-free spending of crypto and cash.
• Users can earn 1% back in crypto rewards.
• 50,000 waitlist sign-ups indicate strong initial interest.
• No sign-up, issuance, or annual fees enhances attractiveness for potential customers.
• Partnership with Marqeta utilizes advanced technology for enhanced transaction efficiency.

Negative

• None.

Debit card built on Marqeta's open APIs will be available to Blockchain.com's US customers with no fees and 1% back in crypto

LAS VEGAS, Oct. 26, 2022 /PRNewswire/ -- 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.

About Blockchain.com

Blockchain.com is connecting the world to the future of finance. The most trusted and fastest growing global crypto company helps millions across the globe safely access cryptocurrency. Venture backed since 2014, Blockchain.com was last valued at $14 billion. Visit Blockchain.com for more info, follow us on Twitter @blockchain, on Instagram @blockchainofficial, check out The Blockchain.com Podcast, and read our blog for the latest company news.

About Marqeta

Marqeta's modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta's platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is enabled in 39 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn. 

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

Contacts:

Brooks Wallace, Blockchain.com 
brooks@blockchain.com

Lea Cademenos, Visa 
lcademen@visa.com   

James Robinson, Marqeta
jrobinson@marqeta.com

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SOURCE Blockchain.com

FAQ

What is the Blockchain.com Visa Card powered by Marqeta?

The Blockchain.com Visa Card allows users to spend crypto and cash without fees and earn 1% back in crypto rewards.

When did Blockchain.com announce the Visa Card?

Blockchain.com announced the Visa Card on October 26, 2022.

How many people are on the waitlist for the Blockchain.com Visa Card?

There are 50,000 people already on the waitlist for the Blockchain.com Visa Card.

What fees are associated with the Blockchain.com Visa Card?

There are no sign-up, issuance, or annual fees for the Blockchain.com Visa Card.

What technology does the Blockchain.com Visa Card utilize?

The card utilizes Marqeta's modern card issuing platform and Just-in-Time Funding technology.

Is the Blockchain.com Visa Card available outside the US?

Currently, the card is available to US customers, with plans for a broader rollout starting in 2023.