Digital Assets: Latam Crypto Exchanges To Launch Crypto Cards
As the popularity of digital assets rises in Latam, crypto denominated debit and credit cards make their appearance.
Ripio, a crypto exchange located in Argentina, and Bitso, a Mexican exchange, have tied up with Visa (NYSE: V) and MasterCard (NYSE: MA) respectively, for the proposed launch of crypto currency debit and credit cards. (Bitcoin.com)
Customers can now use these cards to make payments from their crypto holdings on the exchanges.
Ripio and Visa are collaborating on an international prepaid card that they hope will encourage more people to use crypto for making everyday purchases and payments. Because it is a prepaid card, there would be no need for accessing a credit score or analysis.
The card earns a cashback of 5% on all purchases up to 31st October. By December, over 250,000 customers may be using this card, according to an estimate by Henrique Teixeira, global head of new business at Ripio.
Daniel Vogel, CEO of Bitso, explained the rationale for launching a new crypto card in the dead of the crypto winter. Recalling a similar situation experienced in 2017, Vogel said that bear market did not affect the fortunes of his exchange.
In view of the continuing interest of users in crypto, and the resulting demand as evidenced by a long waiting list, he said the exchange entered a collaboration with MasterCard for the purpose.
However, he did not specify the precise launch date of the card.
In a meeting with the media, Vogel explained: “We have seen certain user patterns, on payroll payment days money enters Bitso and his exchange for digital dollars; and then we see that they convert them back to pesos to make their payments. We are excited to see this latent demand.”
The card will be offered without an annual fee and is acceptable throughout the world. It will also earn a cashback for each purchase made by the customer.
Related Story: Gemini Introduces Instant Crypto Rewards Credit Card
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