Crypto exchange Gate.io is launching a crypto debit card, in conjunction with payment processing giant Visa (NYSE: V), for European users. According to reports, Gate.io’s parent company Gate Group plans to launch the Gate Visa crypto debit card via Gate Global UAB, a Lithuania-based entity of Gate.io Group that provides virtual asset services to clients.
By launching a crypto debit card, Gate Group follows in the footsteps of other crypto-focused platforms, including Bybit.
Speaking on the Gate.io Visa crypto card initiative, Gate Group founder and chief executive officer Dr. Lin Han said:
“We are thrilled to introduce this innovative solution to the market. With the Gate Visa card, our users can make seamless crypto payments to merchants worldwide. It bridges crypto with everyday life and brings greater financial inclusion to users.”
Head of Crypto at Visa, Cuy Sheffield, also weighed in on the digital currency payment development, saying:
“Visa wants to serve as the 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 are enabled with a seamless way to convert and use their digital assets to pay for goods and services anywhere Visa is accepted.”
According to a statement from Gate, a waitlist and registration process has been opened for users in the European Economic Area (EEA). Although this waitlist remains restricted to the EEA, Gate Group intends to expand to other regions.
Gate.io Visa Crypto Card Scheme Reflects Sustained Trend in Digital Currency Space
Gate.io joins fellow crypto firms, Crypto.com and Bybit, in launching crypto debit cards for clientele. Crypto.com has operated a debit card scheme for years, and Bybit recently partnered with Mastercard on a similar offering. On Monday, reports said Bybit customers could pay for goods and services though their crypto holdings. However, the process does not support direct payment in digital currencies but requires a crypto-to-fiat conversion at the point of sale.
The Bybit crypto debit card scheme launched by releasing virtual cards for online shopping in qualified European nations. However, the crypto exchange plans to roll out the physical card version next month. Supported crypto on the Bybit payment scheme includes Bitcoin (BTC), Tether (USDT), USD Coin (USDC), and Ether (ETH).
Commenting on the payment scheme on Monday, Bybit co-founder and chief executive officer Ben Zhou said:
“We are confident that these innovative payment solutions will improve people’s lives.
In addition, he explained that the payment initiative is an advancement “towards a brighter future for crypto and finance.”
Zhou also touted the immediate, direct advantages posed by the Bybit crypto debit card, saying:
“Bybit users [can] access and manage their funds faster, more securely, and more conveniently.”
In December 2021, renowned wallet provider Ledger announced the launch of a crypto debit card for US and EU customers. At the time, Ledger explained that the initiative would swing into effect in 2022 and would facilitate mainstream transactions.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.