Xapo launches bitcoin debit card
25 April 2014 | 9400 views | 9
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.
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."