30 July 2016
Find out more

Xapo launches bitcoin debit card

25 April 2014  |  8422 views  |  9 Xapo Debit Card

Bitcoin startup Xapo has unveiled plans for a debit card that lets users pay with the crypto-currency wherever plastic is accepted.

The card will link to a user's Xapo bitcoin wallet. When a purchase is made, Zapo taps Bitstamp to exchange the customer's bitcoin for fiat currency which goes to the merchant.

Xapo wallet users will get a free virtual card for online purchases and can pay $15 for a physical companion - which will start shipping in around two months - for real-world transactions.

In a blog post, Xapp CEO Wences Casares says "we've made it simple for customers to spend their bitcoins at millions of businesses around the world without a merchant needing to accept bitcoin. It's convenient for users, and easy for merchants."

Last month Casares raised $20 million in funding for his bitcoin startup, which as well as providing a wallet also offers cold-storage, pitching itself as the Fort Knox of the bitcoin world.

Update:
Although Xapo initially suggested that it would offer a MasterCard card through a partner bank, MasterCard has told Finextra that it does not have a relationship with the bitcoin firm, adding: "There is no card program currently available."

Comments: (9)

Alexander Peschkoff
Alexander Peschkoff - TEDIPAY - London | 25 April, 2014, 10:04

"Banana" card anyone?.. Buy virtual bananas value of which is linked to a fiat currency of your choice, pay with fiat currency, get bananas debited on the account level. What's the big deal there?..

1 thumb up! 1 thumb up! (Log in to thumb up)
A Finextra member
A Finextra member | 25 April, 2014, 10:17

:-((

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 25 April, 2014, 10:18

:-(

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Matt White
Matt White - Finextra - Toronto | 25 April, 2014, 10:43

Cheer up, anonymous. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 25 April, 2014, 11:01

This is GREAT!

It validates our DebitCOIN startup that ATLcombinators is accelerating in Atlanta and announced on LinkedIn in Jan 2014.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 27 April, 2014, 19:04

The BIN on the card image used is a Maestro BIN from Australia.

Will be interesting to see what the real deal is, especially given MasterCard's comments.

 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
A Finextra member
A Finextra member | 27 April, 2014, 23:10

Does MasterCard's comment, "There is no card program currently available.", refer solely to bitcoin related transactions???

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Geoffrey Barraclough
Geoffrey Barraclough - Barraclough and Co - London | 28 April, 2014, 08:53

The headline is a bit misleading. "Xapo launches" is rather different from "Xapo has plans for...."

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Hitesh Thakkar
Hitesh Thakkar - FIS Payments Software and Services India - India | 30 April, 2014, 11:18

This coincides with MasterCard going for Lobbying with major part of compliance issues be drafted in application.

It will be interesting to see how MasterCard will bring up such card program with volatile currency as base...yes it's going to become  banana card !!!

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

US exchange rows back on commitment to help regulate bitcoin trading platform

US exchange rows back on commitment to help regulate bitcoin trading platform

24 April 2014  |  4481 views  |  0 comments | 2 tweets | 1 linkedin
Brits wary of crypto-currency; Nakomoto outed?; bitcoin goes to pot

Brits wary of crypto-currency; Nakomoto outed?; bitcoin goes to pot

17 April 2014  |  5499 views  |  0 comments | 8 tweets | 2 linkedin
Mt. Gox CEO unwilling to travel to US to answer bankruptcy case questions

Mt. Gox CEO unwilling to travel to US to answer bankruptcy case questions

15 April 2014  |  3043 views  |  1 comments | 1 tweets | 1 linkedin
Coinbase hires Facebook's Ryan McGeehan to build security programme

Coinbase hires Facebook's Ryan McGeehan to build security programme

20 March 2014  |  3969 views  |  0 comments | 3 tweets | 1 linkedin
Bitcoin not a currency but has tech potential - Goldman Sachs

Bitcoin not a currency but has tech potential - Goldman Sachs

13 March 2014  |  7546 views  |  7 comments | 10 tweets | 5 linkedin
UK rejects VAT on bitcoin trades

UK rejects VAT on bitcoin trades

03 March 2014  |  4609 views  |  0 comments | 7 tweets | 6 linkedin
Coinbase lets users text bitcoins

Coinbase lets users text bitcoins

16 August 2013  |  6836 views  |  0 comments | 5 tweets | 2 linkedin
BitInstant confirms Bitcoin card plans

BitInstant confirms Bitcoin card plans

23 August 2012  |  7901 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit www.abe-eba.euFind out moreVisit VocaLink.com

Who is commenting?

Top topics

Most viewed Most shared
Groupe BPCE agrees to buy FidorGroupe BPCE agrees to buy Fidor
7975 views comments | 36 tweets | 52 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
7055 views comments | 16 tweets | 22 linkedin
hands typing furiouslyManaging Big Data After Brexit
6673 views 0 | 6 tweets | 8 linkedin
hands typing furiouslyBank of Pikachu? What does Pokemon Go mean...
5695 views 0 | 11 tweets | 9 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job