It has been relatively quiet on the cryptocurrency debit card front in recent months. Slowly but surely, that situation has started to improve again.
The latest company to officially provide a debit card to cryptocurrency users is Uphold. They are currently sending out beta invites to eligible users.
Another Step Forward for Uphold
In the email, users are given access to this debit card without additional costs. They will also receive a $50 deposit into their Uphold account for participating.
It is believed this debit card will give users the option to use a variety of funding sources. This goes well beyond cryptocurrencies, as Uphold also supports gold fiat currencies, and other types.
Interestingly enough, it appears users will receive a physical card in the mail. They are also given access to a virtual card of sorts, although it is unclear who is issuing them at this time.
Based on the information provided to us, Uphold users need to be verified before they can become eligible for the card.
There is also a mobile companion app for the debit card itself, albeit its functionality remains fairly limited.
It is also worth noting Uphold is one of the very few companies issuing such cards to US residents. Most other companies exclude that specific region due to regulatory concerns.
If the Uphold venture is any indication, there may be an influx of cryptocurrency debit cards in the near future. That would be very beneficial to the ecosystem.
Using a payment card makes it much easier to spend one’s holdings in the real world.
Until cryptocurrency payment adoption goes mainstream, intermediate solutions like these will always remain popular.
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