Utah-based cryptocurrency exchange CoinZoom has announced the upcoming launch of the CoinZoom Visa Card, a debit card that can be used to instantly convert crypto into fiat that can then be spent at any location that accepts chip, contactless, or PIN payments from Visa. The debit card, which can also be used to make ATM withdrawals, will be launched in early Q4 of this year.
Prior to making purchases with the card, users must reportedly select the balance of either fiat or cryptocurrency (“bitcoin, ripple, ethereum, litecoin, or dozens of other coins”) that they wish to be debited.
— CoinZoom (@GetCoinZoom) August 9, 2019
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CoinZoom founder and CEO Todd Crosland said in an official statement that Visa’s position as a global leader in payments was a “tremendous asset” to the exchange. However, CoinZoom’s isn’t the only crypto debit card that Visa has signed onto its platform.
According to Bitcoin.com, Wirex’ Visa-based debit card is a “popular choice in Europe” that “supports conversion from several major cryptocurrencies and provides a 0.5% BTC cashback on in-store purchases.” In the US, Bitpay’s Visa card can be used to purchase things from Visa-enable merchants around the world; Hong Kong-based payment processor Crypto.com’s MCO Visa card has allowed users to spend BCH since May of 2018–the list goes on and on.
Still, CoinZoom is hoping to set itself apart with a few features: along with the Visa card, the exchange is launching a mobile trading app on iOS and Android that contains a virtual copy of the CoinZoom Visa Card. The app can also be used to track and manage card transactions.
Efforts toward global expansion
The launch of the debit card is the latest move in Coinzoom’s initiative for global expansion and greater adoption. In January, Finance Magnates reported that CoinZoom opened offices in Dublin, Ireland; in December of 2018, the exchange was granted a license from Austrac, Australia’s financial watchdog, to begin operations down under.
In May, investment firm Seed Equity Capital rebranded to “CoinZoom Securities.” At the time, CEO Todd Crosland said that “the new name…allows us to emphasize our wide-ranging business objective around changing the way that capital is being raised, with the goal of increasing access, lowering costs and improving regulatory compliance particularly with the issuance of digital securities.”
The same month, Japanese Q&A platform OKWave announced an investment in CoinZoom’s exchange.