contis-and-bitpanda-issue-multi-asset-debit-card

Contis and Bitpanda issue multi-asset debit card

 

A new Visa debit card from European neobroker Bitpanda launched this week. Combining Contis’ unique “zero-balance” Buffer technology with Bitpanda’s European-wide, multi-service platform has created one of the most powerful multi-asset propositions available – the Bitpanda Card.

New ‘zero balance’ technology removes the need to liquidate assets before spending. Any digital assets a user has in their Bitpanda account can now be converted automatically to fiat at point-of sale, both online and in store, wherever Visa is accepted.

With more than 55 digital assets such as cryptocurrencies, precious metals and fiat available to hold on the Bitpanda platform, this card pushes the boundaries of crypto and asset spending in Europe. The card can be linked to any asset in a user’s Bitpanda portfolio and through the app, cardholders can easily switch, say from cryptocurrency to gold, and spend in real-time.

Contis Executive Chairman, Peter Cox, said: “Crypto continues to move forward at pace, and Contis is proud to spearhead the charge with partners such as Bitpanda. We’ve seen record levels of crypto investing this past year and cryptocurrencies are increasingly being used as an everyday currency as well as an asset.

“Combining the practicality of fiat with the benefits of blockchain has helped prove the long-term legitimacy of digital finance. A card that allows seamless spending is one of the leading-edge innovations for crypto accounts.

“We’re seeing considerable uptake among crypto providers for card products that include ‘zero balance’ capabilities. In partnership with Contis, industry leaders such as Bitpanda continue to drive innovation in spending crypto and deliver cutting edge products for their customers.”

Eric Demuth, co-founder and CEO of Bitpanda, said: “Launching the Bitpanda Card together with Contis is another step in our leading vision of the personal finance revolution, allowing everyone to spend any of their assets, be that with crypto, metals, or fiat, as they please – easily, 24/7. No topping up is required. Everything that holds value should be treated equally and should be possible to use as you wish. The Bitpanda Card is the missing piece of the puzzle in the world of digital finance.”

wirex-becomes-principal-member-of-visa-network-in-europe

Wirex Becomes Principal Member of Visa Network in Europe

Leading payments platform, Wirex, has become a principal member of Visa in Europe, a highly respected achievement for the London-based business with ambitious plans for 2021.

Having successfully completed Visa’s FinTech Fast Track Programme, Wirex have secured the sought after principal membership from the global payments company. Principal membership will allow Wirex to issue Visa cards themselves, offer new innovative products, and apply for additional licences.

The announcement comes at a pivotal time for the digital economy, with Bitcoin recently hitting its all time high1 and a series of large industry players recently showing support for cryptocurrency.

Wirex already offers their services to over 3 million people across the EEA and APAC regions, and research shows the use of crypto is continuing to grow2. Wirex themselves have experienced a 271% increase in the number of crypto exchanges on their platform compared to this time last year.3

“Digital currencies have the potential to extend the value of digital payments to a greater number of people and places,” said Cuy Sheffield, Senior Director and Head of Cryptocurrency, Visa. “We’re excited to work with innovative Fintechs like Wirex and enable their customers to use digital currencies at more than 61 million merchants on the Visa network.”

Pavel Matveev, CEO and Co-Founder of Wirex, said that: “It’s been our core goal to unite the traditional and digital economies, and collaborations with trusted global payments companies such as Visa are making this possible by providing straight and cost-effective solutions for utilising crypto in the everyday. It’s no easy feat to achieve principal membership and will present numerous opportunities to continue developing a revolutionary product.”

Wirex have had a long-standing partnership with Visa, having worked together to ensure Wirex was the first company in the world to issue a contactless crypto-enabled debit card in 20144. The card enables customers to seamlessly spend up to 20 traditional and cryptocurrencies at over 61 million locations globally. Linked up to a next-generation app where they can be bought, held, exchanged or sold, the company was also the first to develop a cryptocurrency rewards scheme, Cryptoback™, that rewards users up to 1.5% in Bitcoin for any purchases made with their debit card.

After a record-breaking crowdfunding campaign in October that raised nearly $5 million (US), the announcement rounds off a hugely successful year for the SBI group-backed company. With an overhaul of their rewards programme and launch in the US imminent, it’s thought that 2021 will be an even more extraordinary year for Wirex.