Global blockchain payments provider BitPay announced on Thursday it has launched the BitPay Card, which is claimed to be the first Mastercard Prepaid card for crypto users in the U.S. According to BitPay, the BitPay Card enables customers to instantly convert cryptocurrency into fiat currency, which is then loaded onto the card and can be spent anywhere Mastercard debit is accepted.
Stephen Pair, co-founder and CEO of BitPay, stated the BitPay Card offers new benefits and features for consumers that makes it easier to convert Bitcoin and other cryptocurrencies into a spendable balance without currency risk. The BitPay Card is claimed to also offers a safe, smart, and fast way to convert crypto to fiat currency without conversion fees.
“The BitPay Card requires the BitPay mobile app and can empower cardholders to reload their card, view transaction history and manage card settings on the go. The BitPay Card supports BTC, BCH, ETH, XRP and stable coins USDC, GUSD, PAX and BUSD.”
BitPay further noted that Funds are made available to cardholders in minutes, without having to wait on an exchange to transfer funds. The BitPay App not only tracks and manages card spend, but also allows users to purchase crypto and gift cards from popular brands. The company added applicants for the BitPay Card must be at least 18 years old and successfully complete identity and residency verification.