finbold.com
Weeks after Visa (NYSE: V) announced a long-term strategic partnership with a cryptocurrency payments platform Wirex to launch crypto-enabled debit and prepaid cards, Gate Group, the company behind the cryptocurrency exchange Gate.io and its GateToken (GT), has declared similar plans.
Through its Lithuania-based branch, Gate Global UAB, the crypto company plans to launch the Gate Visa debit card, which would allow users to seamlessly convert and spend their crypto in the real world, according to the press release published on March 9.
Gate Card utility
As per the announcement, the objective is to provide a secure and simple method to convert digital assets in fiat for online and in-store purchases, giving users complete control over their spending with the help of the Gate Card app’s built-in features.
Commenting on this development, Cuy Sheffield, Head of Crypto at Visa, said:
“Visa wants to serve as the bridge between the crypto ecosystem and our global network of merchants and financial institutions. With programs like the Gate Visa debit card, Gate Group debit cardholders are enabled with a seamless way to convert and use their digital assets to pay for goods and services, anywhere Visa is accepted.”
In the meantime, users from the larger part of the European Economic Area (EEA) can already join the waitlist for the new debit card, and plans exist for expanding the availability to other regions.
Visa ventures into virtual assets
As a reminder, Visa teamed up with Wirex in mid-February to launch a crypto debit card in the United Kingdom and more than 40 countries in the Asia-Pacific (APAC) region, with the goal to provide more people with access to the advantages offered by the participation in the crypto market.
The recent efforts are part of the payment giant’s increased encroachment into the crypto space, along with the trademark applications for crypto wallets and the metaverse, with plans to establish several related products. In 2022, Visa also introduced a no-limit Bitcoin (BTC) card in the United Arab Emirates (UAE).
Although the high-profile failures in the sector in recent months are rumored to have somewhat delayed these efforts by both Visa and Mastercard (NYSE: MA), Visa reportedly remains committed and focused on crypto technology and adoption.