While the crypto market continues to struggle in the face of one of the worst downtrends in the market’s history, various traditional finance companies can’t help but disagree with the rest of the market.
Investors don’t have as much faith in the market because they believe that it is still some time away from finally stabilizing. In its current state of freefall, investors just want to know when the market will finally reach the bottom. However, most traditional financial institutions and governments are starting to see the overall appeal of cryptocurrencies.
Therefore, a number of these institutions are looking into ways that they can properly benefit from it, and many have started forming partnerships. One of the most recent ones was of Blockchain.com joining with Visa to offer crypto cards.
These crypto cards are the newest in a market wide effort to make cryptocurrencies much more accessible to the public. Since their inception, cryptocurrencies have struggled for a long time to properly integrate cryptocurrencies into the mainstream, since there just weren’t enough want to use it as a currency.
Fortunately, that can all change with the help of the new partnership that is coming; people will be able to use their cryptocurrencies like regular currency.
One of Many
The interesting thing about this new partnership with Visa is that it is not the only debit card company to properly move into the space and form a partnership. American Express has shown an interest in the market and will soon unveil a very similar project.
Furthermore, MasterCard was also quick to get in on the ground floor, as it recently announced that it will be moving its US-based operation on a global scale. The firm collaborated with FTX to provide all of its users the ability to use their cryptocurrencies as they please.
They can use crypto on their debit card to take out funds from a designated ATM, or they can simply use it at a store they please. All in all, it shows that companies are trying to make cryptocurrencies actually usable.
Rewards for Using the Card
The best thing about cryptocurrencies has been their ability to stay safe, especially if the individual is using a dedicated platform. However, in an effort to drive up usage, Visa was quick to offer various cashback rewards for using the card. Users can get as much as 1% of cashback each time they use the card.
A Natural Next Step for Crypto
The crypto market as a whole has continued to struggle with its reputation as currency, mainly because people couldn’t use it anywhere. But with these new cards, users will be able to easily purchase whatever they want at most stores.