But there is a catch: in order to participate in the program, a user needs to purchase the internal tokens of the Wirex platform. The company did not have the first-mover advantage and quickly stepped into the practice of attracting users with a referral program. The Wirex crypto card evolved to accepting 10 digital currencies (BTC, LTC, ETH, XRP, WAVES, WOLLO, DAI, NANO, XLM), tokens of Wirex platform and 3 fiat currencies - the US dollars, euros and British pounds. The British cryptocurrency platform Wirex that offers crypto cards since 2015. To market the necessity of trusting to the Bitcoin community that advocates the principles like “not your key, not your Bitcoin” is tricky, so spoke the market numbers. Users need to first create an account in the BitPay wallet, and only then can they charge up the card. Almost 5 years ago it was enough to issue a card for US residents only that would automatically convert crypto into US dollars.īut the biggest barrier is that the platform asks to lose control over funds and practice trust.
Indeed, a thin list of accepted cryptocurrencies and lack of perks might be overlooked for the innovative product. Moreover, cardholders can still withdraw funds no more than 3 times a day. While now most of the crypto card issues have a referral program with bonuses for new sign-ups, the BitPay does not involve in this race for customer acquisition and loyalty.
The card stayed conservative on working only with four cryptocurrencies, including the infamous XRP.īut the advantage of a first-mover saved a company from high marketing costs. Let’s start exploring how the market has been evolving by considering four companies with the most favourable conditions for holders.ĭespite being a pioneer in the market, BitPay crypto cards did not make further breakthroughs. Crypto cards differ in features, limits and even the way they offer control over funds. In 5 years since the first crypto debit card, the market has certainly developed competition. What stays in the way and is there a chance for a breakthrough in 2021? What do we have on the market? Now they can just get their card and that is it.īut while the growth of the cryptocurrency market is skyrocketing, the usage of crypto cards is beyond modest. Previously, a cryptocurrency holder had two ways: either wait for the business to set up the crypto payment gateway or convert crypto on exchanges to fiat prior to purchase. In 2016 was issued the first debit card that was just like the traditional card but was charged up with Bitcoins. One solution to charge up the cryptocurrency adoption is the crypto debit card.
As of the beginning of 2021, a consumer still struggles to pay with cryptocurrencies for the most basic things like coffee. VISA pledged to advance their approach to digital currencies, while Mastercard expanded the cryptocurrency program.īut this happened not at the scale that the cryptocurrency community recognizes. In July, giant payment networks started to accept the need for a bridge between cryptocurrency and the traditional financial world. In 2020, the consumer has spoken and business has recognized the need to step up the game.
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