Marqeta’s modern card issuing platform is enabling crypto category leaders to build cutting-edge card solutions. We’re opening new applications on our platform to allow our cryptocurrency customers including Coinbase, Fold, Shakepay, and Bakkt, to drive new engagement through crypto spend and rewards products and either earn or spend cryptocurrency at the point of sale.
We’ve seen the use of cryptocurrencies grow considerably in the United States, with an estimated 14% of U.S. consumers currently owning some form of crypto, according to data from the Gemini Exchange. Our platform and its unique modern architecture can support entirely new card constructs and power their launch at scale, and we’re seeing our customers leverage our features in recent months to launch innovative new products that allow customers to either earn or spend cryptocurrency at the point of sale:
- Bakkt launched its Bakkt 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 launched Coinbase Card, a Visa debit card that allows users to spend their cryptocurrency balances anywhere Visa debit cards are accepted and earn additional crypto rewards on eligible purchases.
- Fold launched its Bitcoin Rewards Debit Card, which offers Bitcoin rewards through a gamified experience that emphasizes healthy financial habits.
- Montreal-based Shakepay announced its new Shakepay card, a Visa card that will be available for beta access later in 2021 and allow customers to spend Canadian dollars at physical and virtual merchants and earn Bitcoin rewards on every purchase.
When speaking about our partnership, Muneeb Imtiaz, Product Manager at Coinbase, said, “Coinbase set out to allow our customers to seamlessly spend cryptocurrency anywhere, and Marqeta enabled us to turn our vision of a crypto-backed debit card into reality. Marqeta’s flexible APIs and Gateway JIT Funding feature facilitates the creation of customizable debit cards and oversees transaction approvals, allowing our customers fast access to their currencies. The Marqeta team brought a vast amount of payments experience to the table and worked hand in hand with us every step of the way.”
Using our innovations like instant issuance, cards can be immediately deployed into digital wallets, and our ATM network integrations and direct deposit and ACH capabilities allow crypto innovators to build out a well-rounded digital banking experience. Through our ecosystem of partners like Deserve, we are able to introduce custom features for our customers issuing credit cards, such as credit limits that can be adjusted according to a consumer’s cryptocurrency balance.
“Fold was looking to bring a unique feature set to market: A card that could deliver gamified bitcoin rewards while incentivizing responsible spending and saving habits. We are proud to have a payments partner like Marqeta to help us navigate this,” said Will Reeves, CEO of Fold. “Marqeta’s open APIs are extremely flexible and its technology is best in class, helping us bridge the worlds of digital assets and traditional banking — all the while building out a truly modern consumer experience.”
We’re excited to see that our platform can help these companies build out full-service digital banking capabilities, including crypto spending at the point of sale. Learn more about our crypto card solutions: https://www.marqeta.com/payment-solutions/crypto-cards.