Trading in Cryptocurrencies In Europe, consumers will soon be able to acquire a Visa crypto debit card from Gate.io, which was developed in collaboration with payment processing giant Visa.
Reports suggest that Gate.io’s parent firm, Gate Group, will introduce the Gate Visa crypto debit card through Gate Global UAB, a Lithuanian subsidiary of Gate.io Group that offers virtual asset services to customers.
Like crypto-focused companies like Bybit, Gate Group has launched (1) a crypto debit card. Dr. Lin Han, founder, and CEO of Gate Group commented on the Gate.io Visa crypto card idea.
“We are excited to release this ground-breaking product to the market. Our customers may easily purchase cryptocurrency at any store that accepts Visa with the Gate Visa card. It connects crypto to the real world, giving more people access to the financial system.”
Cuy Sheffield, Visa’s Head of Crypto, has also shared his thoughts on the progress in digital currency payments.
“Visa aspires to be the link between the cryptocurrency industry and our extensive worldwide network of retailers and financial firms. Debit cardholders of the Gate Group can easily convert and then use their virtual currencies to make payments for products and services at any merchant that accepts Visa, thanks to initiatives like the Gate Visa debit card.”
Gate has announced that users in the European Economic Area can now sign up for a queue and register for an account (EEA).
Gate Group plans to grow beyond the EEA, but for now, this waiting list is only available there.
An Indicator of the Persistent Growth of the Crypto Market
Gate.io follows in the footsteps of competitors Crypto.com and Bybit by offering customers cryptocurrency debit cards. Bybit recently teamed with Mastercard to offer a debit card service, following in the footsteps of Crypto.com’s years-long debit card program.
On Monday, it was reported that clients of Bybit could use their cryptocurrency holdings to make purchases. Unfortunately, digital currency payments cannot be made directly at the register without first being converted to fiat currency.
Virtual cards were made available for online purchases in some European countries as part of the launch of the Bybit crypto debit card program.
A real card version, however, will be released by the cryptocurrency exchange next month. Bybit accepts Bitcoin (BTC), Tether (USDT), USD Coin (USDC), and Ether as payment (ETH).
On Monday, Bybit’s co-founder and CEO Ben Zhou made the following statement about the company’s payment system:
We have faith that these new forms of financial transactions will help individuals.
It’s a step “towards a brighter future for crypto and finance,” he added, explaining the payment scheme.
Zhou also bragged about the direct benefits that using a Bybit crypto debit card would provide, saying:
When it comes to handling money,
“Bybit users [may] do so in a more swift, safe, and hassle-free manner.”
Ledger, a well-known wallet service, said they would release a cryptocurrency debit card for consumers in the US and EU in December of 2021. Ledger had previously outlined how the effort would become fully operational in 2022, easing everyday transactions.