Weeks after Visa (NYSE:V) announced a long-term strategic partnership with cryptocurrency payments platform Wirex to launch cryptocurrency-enabled debit and prepaid cards, Gate Group, the company behind the Gate cryptocurrency exchange. io and its GateToken (GT), has declared similar plans.
Through its Lithuanian branch, Gate Global UAB, the cryptocurrency company plans to launch the Gate Visa debit card, which would allow users to convert and spend their cryptocurrencies in the real world without hassle, according to the report. Press release Posted on March 9.
Gate.io Card Utility
According to the announcement, the goal is to provide a safe and simple method to convert cryptocurrency to fiat for online and in-store purchases, giving users full control over their spending with the help of the Gate Card app’s built-in features.
Commenting on this development, Cuy Sheffield, Head of Crypto at Visa, said:
“Visa wants to serve as a bridge between the crypto ecosystem and our global network of merchants and financial institutions. With programs like the Gate Visa Debit Card, Gate Group Debit Cardholders can easily convert and use their digital assets to pay for goods and services anywhere Visa is accepted.”
Meanwhile, users in most of the European Economic Area (EEA) can already join the waiting list for the new debit card, and there are plans to expand availability to other regions.
Visa continues to venture into the crypto market
As a reminder, Visa partnered with Wirex in mid-February to launch a cryptocurrency debit card in the UK and over 40 countries in the Asia-Pacific (APAC) region, with the goal of giving more access to benefits. people who offer participation in the crypto market.
The recent efforts are part of the payments giant’s growing encroachment on the crypto space, along with trademarked apps for cryptocurrency wallets and the metaverse, with plans to establish several related products. In 2022, Visa also introduced a Bitcoin (BTC) card unlimited in the United Arab Emirates (UAE).
Although high-profile failures in the industry in recent months are rumored to have set these efforts back somewhat by both Visa and Mastercard (NYSE: MA), Visa reportedly remains committed and focused on technology and adoption of cryptocurrencies.
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