Marqeta launches crypto card payment solution

Data from the Gemini Exchange estimates that 14% of the US currently owns some form of crypto. As a card issuer, Marqeta has opened up new applications of its platform, to allow cryptocurrency to be spent at the point of sale or allow consumers to earn rewards in cryptocurrency from debit and credit card spending. Marqeta solutions like instant issuance allow cards to be immediately deployed into digital wallets, and its ATM network integrations, direct deposit, and ACH capabilities allow crypto innovators to build out a digital banking experience.

Through its ecosystem of partners, such as Deserve, Marqeta will also be able to introduce unique features for its customers issuing credit cards, such as credit limits that can be adjusted according to a consumer’s cryptocurrency balance.

The features of Marqeta’s modern card issuing platform have been leveraged by several customers to launch new products allowing customers to either earn or spend cryptocurrency at the point of sale. In this sense, Bakkt launched its Visa Debit Card, which allows customers to spend Bitcoin and cash balances from their Bakkt accounts, anywhere Apple Pay or Google Pay are accepted. 

Coinbase also launched its Visa Debit Card, which allows users to spend their cryptocurrency balances anywhere Visa debit cards are accepted and earn additional crypto rewards on eligible purchases.