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Institutional exchange launches crypto debit card

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Bakkt exchange continues to implement innovative ideas. And it shows its users that it keeps up with the times. Today they have access to the Bakkt Visa debit card, which allows them to use digital assets in everyday life. Now you can use it to shop online and in the store.

Pay with Bitcoin for a cup of coffee, buy groceries for Ethereum, pay for public transport with Litecoin coins – now all this is possible with a regular debit card.

Cardholders will be able to spend Bitcoin (BTC) from their Bakkt deposits without waiting for crypto to fiat conversions.

Now, instead of selling BTC and waiting for the funds to go to the bank, Bakkt customers can click on their card and purchase any product they have in mind in a matter of seconds. Thus, the Bakkt card will allow Bitcoin holders to forget about the inconvenience. And it plunges into a world with countless possibilities of using cryptocurrencies in everyday spheres.

Bakkt card supports Apple Pay and Google Pay mobile payment systems.

Bakkt in partnership with Sutton Bank

Sutton Bank provides debit card issuance under an issued license from Visa. Bakkt didn’t specify whether it will charge fees for card transactions. However, we note that the company doesn’t charge customers for transactions with Bitcoin on its platform, selling cryptography to users at a rate that exceeds the current market rate. According to Bakkt, it was “no more than 1.5% throughout the entire 2021”.

To receive a card, you need to send an application in the Bakkt mobile app. Once approved, customers will be able to spend Bitcoin and USD from their account.

Bakkt previously launched an app to store, buy and sell the first cryptocurrency.

As a reminder, in March 2021, Bakkt Marketplace, LLC, a subsidiary of Bakkt Holdings, LLC, received a license to operate in the field of virtual currencies in the state of New York (BitLicense) from NYDFS. The regulator also issued a money transfer operator license to the firm.

More and more payment companies are launching their own crypto debit cards

With the rise in popularity of cryptocurrencies, many exchanges and payment companies have launched their own crypto debit cards this year.

So, BitPay introduced in February a Mastercard cryptocard with support for six tokens in addition to Bitcoin – Ethereum, Bitcoin Cash, USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard (PAX) and Binance USD (BUSD).

At the same time, the Visa card, which was issued by Crypto.com, allows users to deposit balances using 100 different cryptocurrencies.

However, despite numerous announcements appearing on the web, not all debit card projects have been brought to their logical conclusion.

Why is the crypto card industry growing so fast? Cryptocurrency cards have many advantages: 24/7 access to funds, the ability to quickly cash out and automatic conversion. The user does not need to remember numerous passwords from digital wallets, but only needs to keep in mind a short pin code.

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