Bitcoin exchange Bitstamp has announced its launch of a prepaid debit card offering, which will be denominated in USD, GBP or EUR.
Bitstamp ranks among the top crypto exchanges in USD volume, and typically among the top eight in overall volume. It joins Hong Kong-based ANX as an exchange also offering debit cards.
In its announcement, Bitstamp did not mention any function of Bitcoin on the card, which is being issued in cooperation with AstroPay, a virtual prepaid card provider.
Users who order the virtual card, which can be used for online shopping, have the option to add a plastic card to their account.
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For limits up to $3,000, no additional know-your-customer (KYC) information is needed. Above $3,000, but below $75,000, basic due diligence (BDD) is required in the form of ID and proof of address. Above this amount, enhanced due diligence (EDD) requires BDD procedures plus a certified document showing source of funds. The card’s maximum limit is $125,000.
Cards of accounts that have completed BDD or EDD requirements can be used in ATMs.
Funds can be moved from a Bitstamp trading account to the card, and are charged $10 for amounts up to $1,000, and 2% if higher.
The cards are not available for US citizens.
The plastic card costs $10, the fee waived for the first 100 users.