The lines continue to blur between more traditional Fintechs and digital asset platforms. Today, Marqeta (NASDAQ: MQ) has announced a partnership with Blockchain.com to provide a Visa card that now claims 50K+ sign-ups at launch.
The new card, first available to US customers, will be fee-free and generate a 1% crypto-back for users. The card will enable holders to spend their crypto or fiat currency via their digital wallet.
Peter Smith, Blockchain.com CEO and co-founder, said that as one of the oldest crypto platforms, they are excited to take the next step and make crypto easy to spend anywhere in the world.
“This is a prime example of digital assets making their mark on the existing financial services industry as we shape the future of (mainstream) finance.”
Simon Khalaf, Chief Product Officer at Marqeta said they see a “huge DNA fit” with the partnership:
“Blockchain.com has built up a massive user base, and we’re proud that our platform can make it possible for their customers to spend against their cryptocurrency wallet at the point of sale, using the magic of Just-in-Time funding. Blockchain.com’s new Visa card is a textbook example of the possibility of Marqeta’s technology and we look forward to working together to build innovative products like this as crypto evolves in the years to come.”
The Visa card will be available to customers in more countries starting in 2023. Blockchain.com did not identify the countries.
Blockhcain.com reports 80 million customers using its wallet in 200 countries having transacted over $1.2 trillion in value on its platform to date.