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Visa suspends pre-paid crypto cards

Prepaid Visa card users will no longer be able to use the cards for cryptocurrency transaction after Visa suspended the service starting January 5. This is another embarrassing move by a major financial institution.

With the cards, users could fund their accounts using BTC or ETH. They can withdraw it in regular currencies such as pounds or Euros.

Firms involved

Following the move, BitPay, Cryptopay, TenX and Bitwala suspended the service and will be returning user’s funds.

Bitwala also said in a blog post that the move affected physical and virtual cards and it will offer fee refunds for cards ordered on or after December 1.

The company said they are working to restore the card service with alternative card issuers in the “short term future.”

“The Bitwala Debit Card remains one of the pillars of our service. And we will make it again part of our product offering,” said the announcement. “Ever since we announced our vision, we have been approached by a number of alternative card issuers and we are already in discussions to bring a solution in the short term future.”

The cards are mainly operated through Wavecrest, a Gibraltar-based company. The firm has written, saying that Visa ordered them to close all pre-paid cards.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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