In a release from Bloomberg, Visa is steps ahead of their competition when it comes to the cryptocurrency space. In Singapore, Visa has just released a prepaid card backed by the digital currency Monaco.
This year, debit cards have become quite popular among the cryptocurrency startups, as a big issue in the space currently is the inability to spend your cryptocurrencies to make everyday purchases. This is one of the main hangs up with the crossover and mainstream adoption of cryptocurrency.
When Monaco’s issuer, Wirecard AG, started issuing these prepaid cards, they were stunned when they received over 17,000 card reservations on word-of-mouth alone.
Monaco’s pre-paid Visa ventures are only starting with Singapore, which is no big surprise as the country has always been responsive and forward-thinking in regards to cryptocurrency. They recently hired Brent Diehl, a former Visa executive, to lead their international development into North America, Europe and the rest of Asia.
While most of the world is still leery when it comes to digital currencies, when it gets backing from a monstrous company like Visa, the wariness dwindles some. As it was stated earlier, this solves a big problem for most digital currency owners and being able to spend your cryptocurrency on a Visa-backed card gives users now the possibility to spend at 44 million locations worldwide.
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