Monday, January 30, 2023
  • On 26th October, Blockhain.com announced a partnership with payment company Visa to launch a one-of-a-kind crypto card
  • Blockchain.com is a crypto exchange platform used to sell, buy or trade cryptocurrency. In 2011, Ben Reeves launched the company as the first Bitcoin blockchain explorer within the crypto ecosystem.
  • Cuy Sheffield, Head of Crypto at Visa, stated that Visa believes for the crypto adoption rate to grow, it should be easily accessible to consumers.

October 2022 has earned the right to be classified as one of the most successful months the crypto ecosystem has experienced. This is not in terms of value but instead in progress. Despite the looming crypto winter, many organizations have decided to take the next step in crypto adoption. This is by partnering with various exchange organizations. From Mastercard to FCFPay and Paxos, these organizations have finally realized that digital currencies are taking over.

Currently, many organizations have taken the first steps to pioneer this shift. Through the collaborations, the average crypto trader can directly use the crypto coins without necessarily converting them to local fiat currency. Visa has decided to join this epic race and has formed the Visa-Blockchain.com partnership to create the first-ever crypto card.

Background on Blockchain.com

Blockchain.com is a crypto exchange platform used to sell, buy or trade cryptocurrency. In 2011, Ben Reeves launched the company as the first Bitcoin blockchain explorer within the crypto ecosystem. At its initial iteration, it contained a digital wallet that accounted for 29% of bitcoin transactions between 2012 and 2020.

crypto card

New Visa crypto card brought in by Blockchain.com. Is this the positive effect the crypto ecosystem needs to ensure global crypto adoption?[Photo/Bitcoin.com]

Blockchain.com was among the first pioneers of crypto adoption and significantly aided the use of digital currencies through its consistency in providing better services for the crypto ecosystem. From 2013 to 2014, Blockhain.com’s user base grew from 100000 users to 1.5 million in just under a year.

Also, Read Yellow Card: First African exchange platform to get a nationally recognized virtual assets trading license.

Over the years, Blockchain.com has released several features, such as a dua wallet option and an airdrop program to keep up with the constant competition. To retain customers, it offers a local Interest Account.

This account generally generates interest through staking, where you store digital currencies, and the exchange pays you to use them. Every interest earned is spent on the first of every month. This was a strategic move to retain loyal customers while luring many others into the crypto ecosystem.

Visa-Blockchain.com partnership

On 26th October, Blockhain.com announced a partnership with payment company Visa to launch a one-of-a-kind crypto card. This will enable easy access to digital currencies merely from the swipe of your card. Areas, where Visa debit cards are accepted will also get the crypto card. It will allow users to pay using their crypto or fiat currency.

In an interview with Yahoo Finance, Blockchain.com CEO expressed his views on the current crypto adoption rate. He stated that already 50000 of its users have signed up for the card. This was because of the consistent demand for crypto products; more often, you will notice the constant rise in individuals preferring DeFi to traditional payment systems.

He further stated that this is a bold step in the crypto ecosystem. Working with one of the oldest and most trusted platforms guarantees an easier digital assets transition. Its application is a slow but steady progression, and more and more financial institutes are turning to catch the new wave of technology.

The crypto card will be the first pioneer in the US and will mainly serve as a point zero ground. If the new crypto card receives positive feedback, the Visa-Blockhain.com partnership will seek to expand its reach to other countries.

A survey conducted by Marqeta revealed that nearly 38% of US citizens own digital currency. Although a majority hold them as assets, there has been a recent shift in demand for the consumer to use them as a currency for exchange. At least 852% of all US crypto holders would be interested in a crypto card allowing them to spend their cryptocurrency for everyday purchases.

Cuy Sheffield, Head of Crypto at Visa, stated that Visa believes for the crypto adoption rate to grow, it should be easily accessible to consumers. The Visa-Blockhain.com partnership will provide just that. In addition, if consumers like it, they are open to making more partnerships and expanding their crypto ecosystem globally.

Conclusion

The Visa-Blockhain.com partnership is among the various collaborations we have seen so far. With this current trace for dominance, we might see more crypto-related affiliations, each trying to trump their competition. The crypto card will be the first step, as many have opted to develop a crypto payment system that can easily be accessible to users. Digital currencies are taking root in our days. Will this be the dawn of a new age in the crypto ecosystem? All we can do s participate and be active in the crypto adoption race.

Also, Read about The state of blockchain and cryptocurrency in Zambia.

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