Global credit card giant VISA is pushing hard to dominate the blockchain platform. Lykke, a Swiss blockchain-based fintech company, recently launched a VISA-based prepaid card called Lykke Card.
Just like any other VISA card, Lykke cardholders will be able to make transactions with any of the 44 million merchants registered with VISA. The card will also allow the conversion of wallet funds to local currency. If needed, Lykke cardholders will also be able to convert the cryptocurrencies into cash by visiting an ATM.
Richard Olsen, founder, and CEO of Lykke said: “This means exactly what it implies…Anyone with a Lykke Card can conduct their day-to-day business in LKK, bitcoin, ethereum and other cryptocurrencies, in addition to the fiat currencies that are tradeable on our platform.”
Lykke Card’s product manager, Igor Rumiantsev, commented: “It’s already easy to request a bank transfer from our wallet app. But the Lykke Card takes this concept one crucial step further. We aren’t just investors in a global market. We also go shopping and pay our bills. Getting immediate access to our funds, no matter what form they might take, keeps us connected to our micro world, too.”
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In the last week of October, another cryptocurrency payment platform, Monaco, launched a VISA-based pre-paid card in Singapore.
With the integration of traditional payment gateways like VISA, the blockchain payment systems are compromising on the anonymity of customers – unlike cryptocurrencies, payment networks and financial institutions are required to follow know-your-customer rules to prevent money laundering and funding for criminal activity.
VISA has also dived into the blockchain pool by scheduling the launch of the pilot phase of its blockchain technology based B2B payment transfer platform by mid-2018. For that project, VISA also partnered with many major banks around the world.
Earlier this month, Lykke also announced that with the latest update, Lykke Wallet would support the ERC20 token standard.