U.S. Based Bank Issues Visa Debit Cards
November 19, 2018 11:28 am
A U.S based bank is launching a new Visa debit card which allows its users to spend digital currencies through conversion to fiat. New York-based Metropolitan Commercial Bank has partnered with cryptocurrency wallet provider Crypto.com to issue cryptocurrency debit cards in the States.
Crypto.com, a Hong Kong-based company has announced its partnership with the bank. The Visa cryptocurrency debit card will not be having any annual, monthly and ATM withdrawal fees. Users can order the card from the wallet and card app of the cryptocurrency payment platform.
The platform allows its users to purchase, sell, store, send and track cryptocurrencies. They can also use the application to send their cryptocurrencies in stores accepting Visa through conversion to fiat money, and they won’t be charged with any exchange fees.
Users should pass an onboarding process that includes ID verification in order to reserve the Visa cards. The announcement said that more than 100,000 cards have already been reserved globally. Through using the wallet app, cardholders can manage the card usage and their crypto and fiat transactions. They can also freeze and unfreeze their cards with a single tap at any moment.
Recently, the U.S. Senate Caucus on International Narcotics Control announced that it would be Tracking Crypto Conversions. The agency discussed the role of digital currencies in drug trafficking. One of the representatives said that darknet marketplaces and other unindexed’ websites accept payments in cryptocurrencies such as Bitcoin and Monero, and more.
The representative included that the national and international agencies are training investigators to track such actions. These agencies are training investigators to determine firms from launderings and drug trafficking.