Move over debit and credit cards with fiat, cryptocurrency exchange Uphold is all set to roll out its crypto enabled debit card. Several exchanges including, Paxful, Binance, BitPay have rolled out their crypto debit cards. American crypto exchange Uphold seems to be the latest to hop onto the bandwagon.
Uphold To Roll Out A Multi-Asset Crypto Debit Card
As the interest and demand for crypto are skyrocketing. Crypto platforms have been sprucing up their games. The crypto industry is finally finding a spot in the global financial scene and Uphold seems to be aiding this process. In a recent blog post, the exchange announced that it had bagged a prominent issuer of debit and credit card, Optimus Cards UK Limited. With this acquisition, Uphold intends to roll out a multi-asset crypto debit card, which will reportedly be the first of its kind.
As the platform is planning to launch the card starting from April 2021, this card would be limited to the citizens of Europe. The crypto enabled debit card would be available on the Optimus platform.
JP Thieriot, CEO of Uphold revealed that the platform had secured a full Electronic Money Institution [EMI] license. Thieriot added,
“The combination of Optimus’s tech-forward card platform and Uphold’s unique multi-asset wallet should create a compelling product. Very soon our European customers will be able to receive part or all of their salary in Bitcoin – or any asset of their choice – and spend it using Uphold Cards issued through Optimus.”
While the cost of the acquisition is still under wraps, the platform is already providing a similar service in the US. The users of the US have several programs including crypto back incentives. The CEO said, ‘The card has already proved a hit with our U.S. customers offering a unique combination of utility, convenience and crypto-back rewards.’ The latest card could entail several cryptocurrencies, equities as well as precious metals.
The exchange recently made news after it was one among the very few platforms that retained its support for XRP amidst the altcoin’s battle with the SEC.