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Intercontinental Exchange affiliate Bakkt introduced a debit card that allows customers to use crypto for retail purchases.
In an announcement on Tuesday, Bakkt said it has launched a fully virtual Visa debit card for online and in-store spending. Cardholders can spend Bitcoin (BTC) from their Bakkt accounts without waiting to convert the cryptocurrency to fiat.
Imagine a Bitcoin user who sees a significant gain, said Gavin Michael, CEO of Bakkt. Now, instead of selling and waiting to be transferred to a bank, they can just walk into their favorite store, tap their Bakkt card, and buy that new item they have been eyeing. […] The Bakkt card detaches Bitcoin owners from their online-only past in a world with endless options for leveraging digital assets in their daily lives.
Sutton Bank, a member of the Federal Deposit Insurance Corporation, issues debit cards under license from Visa. Bakkt avoids BTC transaction fees by selling crypto to users at a price higher than the current market rate, which he says has not exceeded 1.5% throughout 2021.
The debit card’s release follows Bakkt’s announcement in March of the launch of a digital asset payment app that allows customers to use BTC and other cryptocurrencies for their purchases. At the time, the platform was touted as a way to boost consumer spending, lower payment costs, and strengthen merchant loyalty programs. “
Related: Cash or Plastic? Countries where crypto debit cards are a fair game
Many exchanges and digital asset markets have launched their own crypto debit cards this year as awareness in the industry grows. BitPay announced in February that it will offer a crypto Mastercard with support for six tokens, while the Visa card issued by Crypto.com allows users to fund their accounts with more than 100 cryptocurrencies.
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