Cryptocurrency platform KuCoin has launched KuCard, a Visa-powered crypto debit card, for use in Europe.
“Accepted at millions of locations, KuCard empowers users to utilize their cryptocurrency for everyday purchases, online shopping, or even withdraw cash at ATMs,” the company said in a news release Tuesday (Nov. 21).
The card, KuCoin said, simplifies the crypto conversion/spending process and does away with the complexities involved in transacting with digital assets, automatically converting cryptocurrency into local currency at the point of sale.
In addition, the card integrates with Apple Pay and Google Pay for contactless smartphone payments for added convenience and security. For now, KuCard supports USDT and EUR but will support a wide range of crypto in the future, the company said.
“In this first phase of the launch, KuCard will be exclusively available to residents of the European Economic Area (EEA), while a global launch is on the roadmap,” the release said. “To be eligible, users need to pass identity verification using a supported EEA-issued ID card.”
KuCard’s launch came one month after Binance — among the world’s largest cryptocurrency exchanges – announced that it will no longer offer its Binance card services in the EEA.
As PYMNTS wrote, this decision means that holders of the Binance Visa debit card issued under the EEA program can no longer make card purchases after Dec. 20.
“The discontinuation of the Binance card services only pertains to the physical or virtual debit cards issued by Binance,” that report said. “Users’ Binance accounts will not be affected, and they will still be able to access and use their accounts as usual.”
Elsewhere in the crypto payments space, Coinbase discussed the role of payments in the crypto industry during an earnings call earlier this month.
Coinbase Co-founder and CEO Brian Armstrong compared the impact of blockchain and crypto to that of the internet, saying that they are redefining communication, business and social interaction. He stressed that crypto levels the playing field with robust and transparent systems, reduced fees, quicker transactions, and more control over digital assets and identity.
“Armstrong also highlighted the importance of regulatory clarity, particularly in the United States. Coinbase is involved in U.S. legislation, supporting bills that aim to provide clear rules and embrace innovation,” PYMNTS reported.
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