Marqeta launches bid to bring crypto debit cards to the masses

Card issuing platform Marqeta is taking crypto debit cards mainstream as the industry continues to grow and adapt to emerging markets such as crypto payments.

Marqeta revealed it has been instrumental in the launch of the most prominent and commonly used crypto debit cards in the industry today from providers such as Coinbase, Bakkt, Fold and Shakepay.

The Marqeta platform – which has referred to card services as “the crypto gateway” – enables companies to issue native cards using open APIs and allow them “the ability to build more configurable and flexible payment experiences” for consumers.

Following Marqeta’s pivotal role in the development of crypto cards, it has begun to introduce a semblance of real-world utility to the industry through instant conversions of crypto into fiat currencies and the ability to earn Bitcoin rewards and cashback.

The advent of crypto debit cards is also enabling consumers to seamlessly spend their assets at both physical and online stores with ease while opening the door for an array of different use cases.

Coinbase has made notable developments in the adoption of its native Coinbase Card by allowing customers to “immediately earn interest” on their income and earn crypto rewards by using one.

The exchange also recently integrated Apple and Google Pay services into its card services and introduced a ‘paycheck deposit’ feature to enable US customers to directly deposit their salary into their account – meaning that they can use the card to spend their assets instantly.

Bakkt has also recently unveiled a partnership with Google that will enable users to link their Bakkt Card with Google Pay and purchase everyday goods and services using Bitcoin.

Purchases made using the Bakkt card will be automatically converted to fiat currencies – again incentivising the use of a crypto card.

Randy Kern, Chief Technology Officer at Marqeta, spoke of the importance of Marqeta to the growth of crypto cards.

“To see such an impressive list of innovators turn to Marqeta to build out new crypto cards and reward programs shows the flexibility of our modern card issuing platform,” he said.

“This is one of the bleeding edges of innovation in fintech and these new cards are providing even more points of access to and utility for cryptocurrencies.”

Its range of innovations like ‘instant issuance’ allow cards to be immediately deployed into digital wallets while its ATM network integrations, direct deposit and ACH capabilities allow crypto-savvy consumers to use their card in the same they do with a bank card.