Category: Crypto Debit Cards

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Ledger to Launch Debit Card Allowing Users to Use Crypto as Collateral

Hardware wallet maker Ledger is launching the Crypto Life card, a debit card that allows its users to spend crypto on goods and services or use it as collateral for cash purchases.

The ‘Crypto Life’ is Set for 2022

The new debit card was announced on December 9 during Op3n, Ledger’s biannual conference, and it’s set to debut in early 2022 for users in the UK, Germany and France, but those in the US will have to wait until the second quarter.

The Crypto Life (CL) card will carry out transactions using the Visa network. Users will be able to buy goods and services using the card, which is linked to Ledger Live, the desktop and mobile app that enables users to trade cryptocurrencies.

Funding the card is straightforward – users can top it up from the Ledger live app using a handful of coins such as BTC, ETH, USDT, and more. When it’s time to make a purchase, the funds are instantly converted to the fiat amount. Additionally, users can receive their paycheques using the card account and convert a percentage into BTC or ETH.

Users can also open a line of credit to spend on their card using crypto as collateral with rates going as low as zero percent. However, this feature depends on the region. US citizens won’t be able to take crypto loans due to regulatory issues in the country regarding crypto loans and transactions.

Moving to a Wider Audience

Ledger’s move comes as part of its plans to reach a wider audience. Rather than stick to making hardware wallets, it’s now following in the wake of Coinbase and other crypto companies by providing traditional banking services.

In August, Crypto News Australia reported that Ledger had enabled ETH staking directly form the Ledger Live wallet, thanks to a partnership with Lido, an ETH 2.0 liquid staking platform.

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Australia Coinjar Crypto Debit Cards

CoinJar Launches Australia’s First Cryptocurrency Mastercard

MEDIA RELEASE: Melbourne, August 3, 2021: CoinJar, Australia’s longest-running cryptocurrency exchange, is thrilled to announce the launch of CoinJar Card, a fully-featured Mastercard that lets customers spend their cryptocurrency like cash, wherever Mastercard is accepted.

Available as a physical and digital card, with both Apple Pay and Google Pay integration, CoinJar Card works with 30 different cryptocurrencies and boasts no ongoing fees and a low 1% conversion rate – returned to customers via an in-house rewards program.

CoinJar Card is the next step in our mission to make crypto both accessible and useful, to everyone, every day.

Asher Tan, CEO, CoinJar

Building on the industry-shaping success of CoinJar Swipe, the world-first crypto EFTPOS card that CoinJar customers have been using since 2015, CoinJar Card represents a threshold moment for the Australian cryptocurrency scene: the first AUD-native cryptocurrency card on the Mastercard network.

CoinJar has once again partnered with EML (ASX:EML) – who helped bring CoinJar Swipe to life – to provide customers with seamless and lightning-fast payments, no matter where in the world CoinJar Card is used.

“Thanks to Mastercard’s universal acceptance and EML’s technological expertise, CoinJar Card gives our customers true day-to-day crypto functionality – whether it’s through their smartphone, wearable or eye-catching physical card,” says Tan.

With more than half-a-million customers in Australia and the UK, CoinJar has already helped its users conduct billions of dollars’ worth of transactions in Bitcoin, Ethereum and other cryptocurrencies. CoinJar Card gives those users a simple, secure and seamless way to take their crypto into the real world, one purchase at a time.

CoinJar Payment via Apple Watch

Further Details About The Card

  • It will be a prepaid Mastercard that will work online and in-store, worldwide, wherever Mastercard is accepted.
  • It will be completely free to order with no monthly / annual charges – both in the physical and digital form.
  • There is a 1% fee to convert crypto to AUD at the time of the purchase.
  • CoinJar will provide 1% back in CoinJar Reward Points that can be redeemed here.
  • ATM withdrawals will be available with the physical card.
  • Apple and Google Pay will be available with both digital and physical cards.

About CoinJar

CoinJar is the simplest way to buy and sell cryptocurrency. Founded in 2013, and operating in both Australia and the UK, our mission is to create best-in-class apps and products that make it easy for customers to access and use cryptocurrencies such as Bitcoin, Ethereum and more.

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Australia Bitcoin Cash Crypto Debit Cards Crypto News Ethereum Payments Ripple

First Aussie VISA Crypto Debit Card Officially Approved

Visa has approved the issuance of physical crypto debit cards to allow Australians to pay for goods at local stores and venues without having to exchange crypto to fiat, but using bitcoin (BTC) and other assets directly.

There are various companies working together to bring the first crypto spending card to Australians. Aussie software technology firm Novatti Group is in charge of the card issuance while New York-licensed custodian BitGo will safeguard the assets.

Transactions will be made through CryptoSpend, an Australian startup that called the attention of the payment giant and approved the project after reviewing the startup’s compliance with anti-money laundering regulations. 

Co-founder of CryptoSpend, Richard Voice, says the number of Aussie users who want to use crypto in their local stores is increasing every day.

We have customers that range from 18-year-old students to 70-year-old grandmothers. [This] further emphasises the growing appetite for people of all ages to use crypto as an everyday currency.

Richard Voice, CryptoSpend

First BTC Spending Card in Australia

There are several crypto debit cards for Aussies, but their use is restricted and no Australian payment application is in charge of their issuance.

Visa has already approved debit cards issuance for various crypto-exchanges worldwide, but they are not yet available in Australia. This card, which is slated to arrive in September, is the first to allow Aussies to use cryptoassets on an Australian payments card.

Australian customers can download the app via AppStore or Google Play and fund their portfolio with other assets besides bitcoin, including ethereum (ETH), ripple (XRP), and Bitcoin Cash (BCH).

In February, the number of users on the Visa network increased exponentially as they were using crypto cards to convert crypto to fiat to spend it on merchants worldwide. The payment giant said this trend was “unmistakable”.

For the tens of millions of people using those platforms, one of the simplest ways to spend crypto is through a Visa card. We’re seeing digital wallets and crypto platforms build payment products entirely with digital currency.

Visa spokesperson
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Coinbase Crypto Debit Cards Crypto News Payments

Coinbase Enables Apple Pay and Google Pay For US Customers

As of June 1, the Coinbase Visa card can be linked with Apple Pay and Google Pay for US customers to make purchases and earn rewards when using the service.

According to an announcement from Coinbase, its crypto Visa card will be added to both payment services. While there is still a waitlist to get a card, Coinbase began inviting people on the waitlist along with selected Coinbase Card users from June 1. Users will be able to redeem up to 4% in crypto rewards, where they can earn either 1% back in Bitcoin (BTC) or 4% back in Stellar Lumens (XLM).

Millions of people around the world use Apple Pay or Google Pay for everyday purchases, from grocery deliveries to pet supplies to home office goods. Now you can earn up to 4% back in crypto rewards on this shopping when you use your Coinbase Card with Apple Pay or Google Pay.

Coinbase

Since payments by mobile phone have been steadily growing in the US (up 29% in 2020), Coinbase has added this new functionality to cater for that part of the market.

How The Service Works

Coinbase stated that it will automatically convert all cryptocurrency to US dollars and transfer the funds to a customer’s Coinbase Card (less conversion fees) for use in purchases and ATM withdrawals. Apple Pay and Google Pay use tokenization to keep card information safe and enable secure purchases.

“If you’re a Google Pay user, you can add your Coinbase Card from the Google Pay app,” according to the Coinbase statement, and the same goes for the Apple Pay app.

Coinbase blog

Users who have completed the application process will not even need to wait for their cards to arrive. As soon as customers are approved, they are added to Apple and Google Pay and can start spending immediately. 

Coinbase cards are not yet available for Australian customers and, according to the Coinbase website, the waitlist currently only applies in all US states except Hawaii.

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Crypto Debit Cards Crypto News

Gemini Partners With Mastercard To Launch World Crypto Rewards Credit Card

Mastercard announces it will release the first credit card with direct cryptocurrency rewards.

Mastercard and WebBank to partner with cryptocurrency exchange Gemini to offer a first-of-a-kind cryptocurrency rewards credit card, with up to 3% in crypto on qualifying purchases. Introduced earlier this year, the Gemini Credit Card has already amassed more than 140,000 people on its waitlist.

“connecting consumer needs with next-generation assets and delivering a ground-breaking experience that redefines the future of card rewards and benefits.”  

Linda Kirkpatrick – president of North America at Mastercard

About the Gemini Credit Card

Gemini is a cryptocurrency exchange, founded by Tyler and Cameron Winklevoss twins in 2014, has now grown into one of the leading exchanges worldwide.

The Gemini rewards card is different to other cards such as the Crypto.com CRO VISA card because it currenty will act as just a credit card, whereas the CRO card acts more like a pre-paid debit card.

Crypto rewards on purchases: 3% back on qualifying purchases in any of over 30 cryptocurrencies available on Gemini. Rewards will be automatically deposited into cardholders’ account

Real-time rewards: Delivery of crypto rewards in real-time (unlike most cards, which pay rewards out monthly)

No annual fee: Combined with 24/7 live customer support to deliver a superior cardholder experience.

Design: A sleek metal card, available in black, silver, or rose gold, with only the cardholder’s name appearing on the card for added security.

World Mastercard® Benefits: Exclusive offers for cardholders with select merchants such as DoorDash, HelloFresh, Lyft and ShopRunner.

“As more consumers look to enter the crypto ecosystem, the Gemini Credit Card gives them an easy point of entry and an effortless way to earn crypto as a reward without changing their daily spending habits.”

Tyler Winklevoss, CEO of Gemini

You can sign up for the card on waitlist on the Gemini website.

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Crypto Debit Cards Crypto News Ethereum Industries Stablecoins

Visa Allows USD Coin (USDC) Cryptocurrency to Settle Transactions

Visa announced on Monday that it now allows partners of its network to clear fiat transactions with the USDC stablecoin using the Ethereum blockchain.

Visa Using Ethereum Blockchain

Visa’s most recent move, will allow them to utilise the Ethereum blockchain, this removes the need to convert digital currency into traditional money in order for the transaction to be settled. Where this would traditionally be the case. For example, Crypto.com won’t have to go through conversions and can settle with Visa directly in USDC.

Visa said it has partnered with digital asset bank Anchorage, the first federally chartered digital asset bank, and completed the first transaction this month — with Crypto.com sending USDC to Visa’s Ethereum address at Anchorage. The (USDC) is a stablecoin cryptocurrency, and its value is directly linked to the U.S. dollar.

USDC Icon: Circle

Visa came to us in 2019 with an idea—make secure, efficient, and seamless settlement payments possible in digital currency by linking Visa’s treasury with Anchorage’s custody platform.

Diogo Mónica, co-founder and president of Anchorage

The credit card giant is already partnering with 35 digital currency platforms, including Coinbase, Crypto.com, BlockFi and Bitpanda, which collectively have more than 50 million active users.

We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers.

Cuy Sheffield, head of crypto at Visa

“Crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors,” said Visa chief product officer Jack Forestell. “The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency.”

The firm said it aims to make this system available to Fintech companies and neobanks dealing in cryptocurrencies including Bitcoin (BTC), Ether (ETH), and USDC. After further testing and additional conversations with its clients, partners, and members of the regulatory community, Visa hopes to launch the USDC settlement capability for other partners as well “in the year ahead.”

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Crypto Debit Cards Cryptocurrencies Payments

MasterCard Announces Crypto Support Coming This Year

In a recent blog post, Mastercard announced that they would begin supporting various cryptocurrencies later this year.

Stablecoins To Be Prioritised

Although MasterCard has not yet confirmed which cryptocurrencies will be supported natively, they have stated that they will most likely be offering more support for stablecoins.

This is due to the fact that as a credit card company, they want to offer as much stability as possible to clients.

However, the company has stated that they would not be hosting stashes of cryptocurrency directly – instead, they’ve created partnerships with companies such as Wirex, BitPay, and LVL who will convert fiat to crypto and vice versa – and only then will the “crypto” enter the Mastercard network.

Mastercard went on to say that their entire philosophy revolves around offering customers as much freedom of choice as possible – and given the widespread interest in cryptocurrency that shows no sign of stopping, adding support for cryptocurrencies was the logical choice.

“Our philosophy on cryptocurrencies is straightforward: It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants, and businesses to move digital value – traditional or crypto – however, they want. It should be your choice, it’s your money. Doing this work will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment.”

The credit card company has also stated that they’ve engaged several central banks looking into creating CBDCs – a cryptocurrency that is backed by a central banking system. Examples of countries looking into CBDCs are Australia, China, France, Germany, and the USA. According to the blogpost, MasterCard provided some of these banks with a virtual environment to test these out.

MasterCard isn’t the only company dabbling in cryptocurrency, however; Visa has also been expanding its horizons and investing in crypto-affiliated fintech firms.

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Crypto Debit Cards

Crypto.com Increase MCO Visa Card Staking Requirement and Decrease Referral Bonus

On October 23rd Crypto.com announced they have increased the staking requirements for their MCO Visa Cards.

The MCO Red card staking requirement is now 2,500 CRO tokens instead of 1,000 CRO tokens. Not a huge increase for the lower tier cards.

  • 2,500 CRO = approximately $270 AUD
  • 1,000 CRO = approximately $110 AUD

See CRO Coin Latest Price

Decreases Referral Bonus

They also have decreased the MCO card referral bonus from $50 USD down to $25 USD.

Netflix Rebate Increased

The Netflix rebate has been increased to $13,99 USD per month.

New Card Shipping Delays and Out of Stock

Some users have reported that there has been serious delays in receiving their cards. And I personally have upgraded my card from Red to Purple, only to be told they are currently out of stock with no ETA.

Further reading: MCO VISA Debit Card Review.

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Australia Crypto Debit Cards Cryptocurrencies

Revolut Launches Aussie Crypto Exchange, Crypto Roundup for Australian Users

Digital banking app Revolut has announced the impending launch of a larger suite of crypto functionality to the Australian market ahead of pending approval for an Australian financial services license, providing Aussies with exposure to a range of digital assets in addition to a variety of crypto tools and features.

The recent launch of Revolut in Australia saw the platform launch a new neobank in the country, operating as an Australian equivalent of the digital bank’s US and EU services. The latest addition to the services Revolut provides will allow users to access a broader range of features, such as deposit accounts and personal lending. 

Edward Cooper, Revolut’s Head of crypto division, stated in comments released to the Australian that greater volatility in cryptocurrencies is driving investors towards the new asset class as an attractive alternative.

“The volatility is making it more attractive for people … It is making people think what other assets are a place where I can put some money and see if it can perform better under these unusual circumstances.”

Revolut Aims for 1 Million Australian Users

Revolut has launched in Australia into direct competition with Australian neobanks such as Volt, Xinja, and 86 400, which offer home loan, banking, and deposit products. Revolut’s new crypto features include innovative options such as the Roundup feature, which allows users to round up everyday payments to the nearest dollar and then invest the excess into cryptocurrency.

Revolut Australia chief executive Matt Baxby highlighted the ease with which Australians can use the Revolut app to buy cryptocurrencies, noting that the difficulty involved in getting started can turn some investors away.

“Buying and selling cryptocurrencies can be incredibly complicated and confusing for the uninitiated, which means many Australians don’t know how to access cryptocurrency as an investment option”

Baxby, formerly operating as a chief financial officer at Bank of Queensland, stated that Revolut aims to capture 1 million new Australian users within the next year. 

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Australia Crypto Debit Cards Scams

ASX-Listed Fintech Giant to Buy Australian Wirecard Assets After Crypto Card Platform Collapse

A US-based fintech enterprise listed on the ASX has announced a bid to buy Wirecard’s Australian and New Zealand businesses subsequent to the collapse of the international cryptocurrency debit card company in June this year.

Change Financial, a US-based fintech company, has announced that it recently entered into a binding agreement that will see it acquire all of the business assets of Wirecard in both Australia and New Zealand for a total cost of $7.8 million.

Wirecard, which promised worldwide crypto-powered debit cards, collapsed in June after revealing that €1.9 billion in company assets did not exist. The payments company, originally based in Germany, was operating as a major crypto debit card issuer, until financial strife revealed poor bookkeeping and fictional assets.

Controversy regarding Wirecard began on June 18, when Ernst & Young auditors reported that more than $2 billion that was supposed to be held by Wirecard in Philippines-based accounts did not exist. The CEO of Wirecard, Markus Braun, was subsequently arrested on August 23, with Wirecard filing for insolvency on June 25.

Ernst & Young global chairman Carmine Di Sibio released a statement via a letter distributed to senior executives this week, expressing regret that Wirecard’s fraud was not identified sooner.

“Many people believe that the fraud at Wirecard should have been detected earlier and we fully understand that. Even though we were successful in uncovering the fraud, we regret that it was not uncovered sooner.”

Change Cashes in on Wirecard Assets

Change Financial, however, is cashing in on the controversy surrounding the now-defunct card provider, purchasing all of Wirecard’s business assets in both Australia and New Zealand for less than $8 million. 

The strategic acquisition includes a blue chip client base that includes Australia’s Big 4 Banks, an estimated $15.4 million in revenue for the 2020 financial year, and partnerships with Visa, Amex, UnionPay, and Diners. 

Change has stated that it aims to upgrade and expand upon Wirecard’s existing platform in order to expand into the US market over the next 12 months.