- The exchange has already opened a waiting list for those who want to apply
- The card is valid throughout the Eurozone
- It will be possible to pay for it at any of the 80 million outlets with a Visa terminal
Today, March 9, Gate Group, the parent company of Gate.io, announced on the launch of a new joint initiative with the payment operator Visa. The firm has issued a crypto debit card for its customers in the Eurozone.
This is how the project was commented by the head of the cryptographic department of Visa, Kew Sheffield:
“We aim to become a kind of bridge between the entire cryptocurrency ecosystem and an extensive network of financial and trading institutions.”
Gate Visa allows you to automatically convert cryptocurrency into fiat when paying for a particular service through the terminal. In the eurozone, this method of mutual settlements is available in more than 80 million outlets.
For cardholders, the exchange has developed a separate application – Gate Card. This is a simple and convenient tool for tracking spending and managing user accounts.
The exact timing of the release of Gate Visa is unknown. But the exchange has already opened a waiting list available on link. A user from any country in the Eurozone, including Ukraine, can apply for a card.
Earlier we talked about a similar initiative from the Ukrainian team Trustee Plus. The crypto neobank has entered into an agreement with MasterCard to issue its own crypto card. You can apply for its design in the corporate application.
In a few days, three projects (gate.io, bybit, trustee) announced the release of a crypto card. How do you think this will affect the crypt masadopshen?
Trustee is launching a crypto map because we see two huge situations in this. The first is the limited number of normal products on the market that allow you to spend crypto through such a solution. And the second is the cut off of Ukrainians from such products. That is, it is almost impossible for Ukrainians to get a crypto-card now. It is possible, but it is very difficult, say, on the territory of Ukraine the situation is different, outside it is a different situation.
So, in general, the task is simple – there are many people who use crypto in their daily lives and go to fiat in order to pay for purchases, travel, rent something. It would be much more convenient and profitable for them if they had a crypto card. Because transferring your own funds through some kind of bank account, through bank transfers to exchangers is long, unstable and always costly. And so, the crypto card is connected immediately, you paid and you don’t think: what courses are there, the asset was written off, exchanged, etc. A large number of people would go from the “Yes, I will play with crypto” phase to the phase, these are my main financial assets that I use all the time.
What is the reason for this, the regulator has simplified the rules?
No, it’s not connected in any way. The rules haven’t gotten easier, it’s just that they’re going to get tougher. They get tougher.
