CoinZoom to launch crypto debit card
The new card comes through a partnership with a Visa-tied financial institution
US-based cryptocurrency exchange CoinZoom is reportedly going to launch a crypto debit card, the CoinZoom Visa Card. It says in a statement that the card will allow its customers to convert crypto balances to fiat instantaneously to make payments and will be accepted by any merchant that current accepts Visa cards. Whether or not the card is able to survive more than a month will have to be seen.
According to the press release, “The CoinZoom Visa Card is linked directly to customer accounts, where customers can pre-select the wallet they wish to debit when they use the debit card. Customers can select either their fiat wallet or bitcoin, ripple, ethereum, litecoin, or dozens of other coins they may have in their crypto wallet. Currencies involving the crypto wallet will first be converted to fiat before a transaction can be made using the CoinZoom Visa Card.”
Previous attempts to launch Visa-linked debit cards have failed after the company ordered the cards to be stopped. It has a strong dislike of crypto and has repeatedly sought to keep its space completely separate from the crypto space.
CoinZoom founder and CEO Todd Crosland says in the release, “We are extremely pleased to work with Visa as we launch CoinZoom. Visa’s dominance as a global leader in digital payments, is a tremendous asset as CoinZoom begins to reshape the global cryptocurrency marketplace. Our goal is to provide cryptocurrency traders with the best platform for buying, selling, and spending digital assets. The CoinZoom Visa Card will be launching at the beginning of the 4th quarter.”