Blockchain payments provider Bitpay has launched a prepaid debit card enabling U.S. customers to spend their crypto holdings as fiat currency.
Known as BitPay Card and provided through Mastercard, the offering enables U.S. users to spend bitcoin or other cryptocurrencies in stores accepting Mastercard debit cards globally, according to a June 11 announcement.
Claimed as the first in the U.S. market, the service allows “instant reloads” into U.S. dollars, drawing from users’ BitPay crypto accounts. It can also be used for online purchases or withdrawing cash from ATMs.
BitPay says it will not take any fee for crypto to fiat conversions, though it doesn’t state how much any card transaction fees might be. Users will pay $2.50 to take cash out of an ATM, and 3% on foreign currency exchange, according to its product page.
In much the same way a normal credit or debit card works, the card utilizes an EMV chip for contactless payments as well as providing additional security.
BitPay Card can also function as a virtual card linked to the BitPay app with support for bitcoin, bitcoin cash, ether, XRP and stablecoins such as GUSD, USDC, PAX and BUSD.
A $10,000 daily load and spending limit is applied for the BitPay Card with a $25,000 maximum balance.
The card is now available in the U.S., with the firm’s website allowing users across Europe to sign up on a waiting list for presumed later launches to come.
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.