Gate.Io Launches A Visa Crypto Debit Card In Europe

Updated: 09 March 2023

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Gate Group, the parent company of the popular Gate.io digital cryptocurrency exchange, announced plans to launch a crypto Visa debit card in Europe. This comes weeks after Visa entered a long-term partnership with Wirex, a cryptocurrency payments platform, to set up crypto-enabled debit and prepaid cards.

This will be done through the Group’s Lithuania-based company, Gate Global UAB, providing users an easier way to convert and spend their cryptocurrency in the real world seamlessly.

Crypto Exchange https://t.co/k4i7AMnYEJ's Parent Company To Launch Visa crypto debit card in Europe

— ErmoFi (@ErmofiNews) March 9, 2023

Gate group revealed the plans through an official announcement on the company’s website early Thursday morning. According to the announcement, the new “Gate Visa debit card” provides its over 2.5 billion users with a “simple method to convert their crypto assets into fiat for in-store and online purchases.”

What this means is that the Gate Visa debit card provides a smooth and secure way for users to spend their crypto at the over 80 million merchant outlets that offer Visa card services across the globe. An excerpt from the announcement read:

The card will give users complete autonomy over their spending, with easy-to-use features built directly into its associated Gate Card app, from which users can track and manage their spending safely and securely.

Dr. Lin Han, Founder and CEO of Gate Group said that the crypto company was excited to “introduce this innovative solution to the market.” Han further state:

With the Gate Visa card, our users can make seamless crypto payments to merchants worldwide. It bridges crypto with everyday life and brings greater financial inclusion to users.

Cuy Sheffield, Head of Crypto at Visa said:

Visa wants to serve as the bridge between the crypto ecosystem and our global network of merchants and financial institutions. With programs like the Gate Visa debit card, Gate Group debit cardholders are enabled with a seamless way to convert and use their digital assets to pay for goods and services, anywhere Visa is accepted.

A waitlist and a registration process are now available for Gate group’s new card. The waitlist will first be open to users within the European Economic Area (EEA) with future plans to expand to other regions.

Visa’s Expanding Crypto Footprint

Apart from teaming up with Wirex in mid-February to launch a crypto debit card in the UK and 40 more countries in the Asia-Pacific (APAC) region, the giant card company also entered a deal with Crypto.com, a Singapore-based crypto exchange, to launch a card for crypto payments last year. Earlier this week, Crypto.com added Apple Pay support for Visa cards in Brazil.

With the goal to provide more people with access to the advantages offered by participation in the crypto market, card companies continue to expand into the Web3 space. Visa has made trademark applications for the metaverse and crypto wallets, with plans to launch several related products in the near future.

Its rival MasterCard partnered with Binance, the world’s largest cryptocurrency exchange by trading volume, to launch a Binance Card in Brazil in late January.

These card companies remain focused on adopting cryptocurrencies and underlying technology despite the effects occasioned by high-profile failures in the industry slowing down some of their plans in recent months.