Gate.io launches Visa-backed crypto debit card
Gate.io’s Lithuania-based arm, Gate Global UAB, has partnered with Visa to launch a crypto card, available to only the European Economic Area (EEA) residents initially, with plans to expand to other regions.
The Gate Visa debit card allows users to pay using their crypto or cash balance wherever Visa debit cards are accepted. This should offer users convenience, reduced costs, and faster transactions across Visa’s entire partner network. Users are also entitled to a series of benefits, including cashback vouchers.
Gate-branded Visa debit cards make it faster for cryptocurrency users to sell their digital assets and push those funds to their Visa credentials in real-time, with much of this work happening through its FastTrack program.
In addition, the exchange has plans to scale its debit card, which are linked directly to users’ accounts, to additional markets, allowing users to instantly start spending without waiting for the physical card to be in-hand. A waitlist and registration process are already available in several European markets and is now being rolled out globally in additional countries.
“We are thrilled to introduce this innovative solution to the market,” said Dr. Lin Han, Founder and CEO of Gate Group. “With the Gate Visa card, our users can make seamless crypto payments to merchants worldwide. It bridges crypto with everyday life and brings greater financial inclusion to users.”
“Visa wants to serve as the bridge between the crypto ecosystem and our global network of merchants and financial institutions,” added Cuy Sheffield, Head of Crypto at Visa. “With programs like the Gate Visa debit card, Gate Group debit cardholders are enabled with a seamless way to convert and use their digital assets to pay for goods and services, anywhere Visa is accepted.”
Collaborating with such a payment giant allows the crypto debit card issuer to access Visa’s growing partner network and introduce new crypto-friendly payment experiences. Moreover, it helps the firm promote the full range of its platform functionality to improve its payments and settlement services and act as an easy on and off-ramp from fiat to cryptocurrencies.
This should help Gate.io and similar providers cut out middleman costs and intricacies when it issues branded debit cards that enable users to spend their cryptocurrencies anywhere Visa is accepted. The exchange has been granted a license to offer virtual asset services in Lithuania back in September 2022.
Among other benefits, Gate.io is allowed to establish relationships with traditional financial institutions like banks, which enables its customers to convert their cryptocurrency to fiat money or vice versa on the platform.
Lithuania is one of the few member states of the European Union that offers transparent and cost-effective virtual currency authorization, with clear and transparent regulations in force since 2020.