Unbanked has expanded its cryptocurrency card program to Europe.
The New York-based crypto FinTech announced on Wednesday (Nov. 30) that eligible residents in the U.K., Norway and all EU member states except Austria and the Netherlands will be able to apply for an Unbanked crypto card.
The European expansion is being launched thanks to a partnership with Moorwand, a London-based payments company.
With an Unbanked card, users can fund their account with 15 different cryptocurrencies including BTC, ETH, UNI, XLM, and the company’s own token, UNBNK.
When they want to spend their crypto assets, cardholders simply use the card like any other debit card while Unbanked facilitates real-time conversion to the necessary fiat currency.
A similar solution called “spend from crypto” was recently launched by Revolut, enabling account holders to use their crypto balances for everyday transactions.
Commenting on the European expansion, Daniel Gouldman, co-founder and co-CEO of Unbanked, said, “We have worked for over two years on building this exciting solution to make the Unbanked Card available to interested users in Europe.
“It’s great to know with this launch we will be able to provide residents in the U.K. and parts of Europe access to one of the most innovative crypto-powered cards in [the] market,” he added.
Other players in the European crypto card space include major crypto exchanges. Binance, Crypto.com, Coinbase and Gemini have all launched similar propositions.
As PYMNTS has reported, after an initial boom that saw crypto card schemes offering cashback rewards of as much as 10% on purchases, that model has proven unsustainable in the long term and many providers have reined in their reward programs.
Read on: Crypto-Spend Debit Card Rewards Go Back to Earth
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