Xapo Announces Bitcoin Debit Card - Faces Obstacles

Xapo, a company actively developing secure vaults for Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term storage has announced another the upcoming launch of a full functionality debit card. With substantial support from venture capital reported to be around $20 million, the firm is aiming to deliver widespread and convenient transaction mechanism using already existing credit card payment infrastructure. According to Xapo, the card is expected to become available in two months.

While the announcement is big it has already sparked some controversy surrounding the actual partnership of Xapo with Mastercard - while first media reports based have stated that the firm has stricken a deal with Mastercard itself, those later have been dismissed by a Mastercard spokesperson.

According to a Xapo spokesperson cited by the Wall Street Journal, the firm is partnering with unnamed banks in the US and Europe. Considering the general attitude of the banking industry towards Bitcoin a friendly hand from banks development would be quite a surprise. The spokesperson has concluded that it is very likely that the banks would be using Mastercard’s network to conduct the transactions, however a spokesperson for Mastercard has stated that all card-issuers need to obtain permission from the company to issue debit cards. There is no clarity whether Mastercard or Visa for that matter would e granting such a permission.

Essentially the function of the card is supposed to be executed in the following way - as a user swipes the card to pay for a product or service, the partner bank would query the user’s Xapo Bitcoin wallet to ascertain sufficient funds to conduct the transaction. If the funds are present, Xapo would then exchange the Bitcoins into the currency of the transaction and the system would execute the payment.

Among major banks, executives have typically had a negative attitude towards the use of bitcoins. As such, a Xapo partnership with banks to provide debit based Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term using existing financial infrastructure would be considered a breakthrough in forming relations between digital currency firms and banks.