Though the cryptocurrency wave is slowly gaining momentum, it is yet nowhere close enough to be as universal as fiat money. One of the major reasons for this is that cryptocurrency lacks bulk acceptance as a means of payment. However, many stores accept MasterCard, Visa, and the likes but don’t accept cryptos for transactions. But now here are the cryptocurrency debit cards.
What are crypto debit cards?
Cryptocurrency debit cards enable you to utilize cryptos to make retail purchases. They are akin to common debit cards; only they are issued by major crypto exchanges in collaboration with giants like Visa. They are a possible way to guarantee the mass adoption of cryptos among larger audiences and in retail as well.
How are they different from regular cards?
Cryptocurrency debit cards work just like normal payment cards. The only difference is that rather than a bank, the payment partner works with your cryptocurrency exchange to settle the transaction. If you’ve enough funds in your cryptocurrency wallet, the payment will be deducted then. Then, rather than your bank account, your exchange account or cryptocurrency wallet is debited.
Who is offering these cards?
As of now, several cryptocurrency exchanges have their version of a cryptocurrency debit card. Some of them are Crypto.com, Binance, Coinbase, Nuri, BlockFi, Monolith, etc. Lately, PayPal also has joined the league to step into the cryptocurrency debit card game, and many more are still waiting to follow the same.