NEWS

Institutional exchange launches crypto debit card


Intercontinental Exchange subsidiary Bakkt has introduced a debit card allowing customers to use crypto for retail purchases.

In a Tuesday announcement, Bakkt said it had launched a fully virtual Visa debit card for both online and in-store spending. Card holders can spend Bitcoin (BTC) from their Bakkt accounts without waiting to convert the cryptocurrency to fiat.

“Imagine a Bitcoin user who sees a significant gain,” said Bakkt CEO Gavin Michael. “Now, instead of selling and waiting to transfer to a bank, they can simply walk into their favorite store, tap their Bakkt Card and buy that new item they’ve been eyeing […] the Bakkt Card untethers Bitcoin owners from their online-only past into a world with countless options to leverage the digital assets in their day-to-day lives.”

Sutton Bank, a member of the Federal Deposit Insurance Corporation, is issuing the debit cards in compliance with a license from Visa. Bakkt avoids BTC transaction fees by selling crypto to users at a price higher than that of the current market rate, which it said has been “no more

Read More  How can we stop the next pandemic? Here's what a WHO panel recommends

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button