Article also published on my read.cash blog from my authorship
The world of cryptocurrencies is growing stronger with companies entering to the market to link the traditional financial instruments with the new trend on the space: the crypto assets.
Crypto debit cards are famous in the market of digital payments, they allow users to spend their crypto in more locations around the globe which accept the card, and the ability to top-up with crypto gives this users a whole new perspective to invest in cryptocurrencies. With this financial instrument it's possible to cash out money in real-time no matter where the user is.
While many business accept cryptocurrency this days, still a lot more ones that doesn't so Below I will show some of the best crypto debit cards to keep an eye in 2021 which will allow anyone to shop or withdraw money on ATM's any place the card is accepted around the planet, with them users can buy their favorite meal, pay for goods physically or online in various merchants, as long they accept Visa cards, this cards can be used like normal Fiat debit cards giving more freedom to use them:
Bitpay debit card
Bitpay is a Bitcoin payment processor company from US, four years back the firm started to offer US-only debit cards, the card could be rechargeable by Bitcoin, Ether, Gemini dollar, USDC, Paxos stablecoin, Bitcoin Cash. Besides those crypto coins the card can be also top-up with eight sovereign currencies. To issue the card it cost almost $10 (9.99), there are no transactions fees to use the crypto card in the US but if the user go overseas it will cost 3% in fees to use them. To withdraw money from any ATM in US it cost $2 and it raise to $3 when spend it outside the country. Users can spend daily $10,000 with the Bitpay debit card.
Paxful debit card
Paxful is a P2P market place and in 2021 will release their card only for North American citizens, it will be facilitated by Visa and will allow users to recharge the card with their crypto assets to spend them wherever they want. The wait list to have the card is already open and users On US can apply here the company also plans to go global in the coming times but for now only US-only debit card.
BlockFi Visa card
BlockFI will launch a credit rewards credit card, won't be a debit one, the card is directly in partnership with VIsa and will be the first credit card on the crypto space. This kind is innovative on the concept, the users will get cash back when they use the BlockFI card and receive rewards in Bitcoin on their accounts on the platform. The card will be first launched in the US and for now there are no plans to expand it to other parts.
Wirex debit cards
Wirex is a United Kingdom company based in London and have a credit card since 2015 which is available in the Europe, Africa and in some parts of Asia, where users can manage their crypto assets thru it and spend on their locations. With Wirex users can top-up the credit card with 18 assets, Bitcoin, Ethereum, XRP are among them, which, besides crypto can also be rechargeable using British Pounds and US dollars. This card isn't available in the US but the company plans to extend support to "uncle Sam" nation. The good news is that Wirex also have a native token WXT that benefits holders when they have on their accounts, the token is used to the loyalty program.
They charge maintenance fee of €1.20 monthly and have a cashback program, withdrawals on ATM cost €2.25 in Europe and an increment on the amount will be added outside Europe besides paying €2.25 will be more 3% for each withdraw.
Binance debit card
Binance dispense any kind of presentation, is the world largest crypto exchange with daily volumes surpassing the $10B and recently launched their own debit card dubbed Binance Visa card in July 2020. The card brought by Binance have zero fees with an 8% cash back on payments but this depends on the amount of the native token BNB (Binance Coin) you hold in the account. The card is only (at present) available to European users and soon will be expanded to other parts of the world.
There are several other cards to keep an eye on 2021,some working in US and Europe other ones expanding to Africa, Asia and latin America.
Nexo, payment, coinbase, also offer or will offer crypto debit cards.
I particularly see this joint crypto-debit cards benefit to help in spending money using them, but for the sake of the cryptocurrency market this companies behind those cards are just using them to enrich themselves, for each transaction made from crypto to Fiat the company buy from the user cheap and cut their fee. It's important to have this kind of financial instruments but I still prefer crypto to crypto exchanges, if I want Fiat I negotiate and sell direct no third part involved.
That is the spirit of cryptocurrencies!
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