Visa Cryptocurrency Partners

Cryptocurrency Innovators Invest in New Card Solutions, With Marqeta’s Modern Card Issuing Platform Powering Growth of New Category

Cryptocurrency Innovators Invest in New Card Solutions, With Marqeta’s Modern Card Issuing Platform Powering Growth of New Category
Written by publishing team

Oakland, California – (work wire) – Marqeta (NASDAQ:MQ), a modern global card issuance platform, announced today that it is the engine of cryptocurrency spending and rewards products Coinbase, Fold, Shakepay and Bakkt, with the company seeing growing interest in new card products in this rapidly evolving category.

The use of cryptocurrencies has grown significantly in the US, with data from the Gemini exchange estimating that 14% of the US currently owns some form of crypto. As a leader in the modern card issuance category, Marqeta has opened up new applications from its platform, to allow cryptocurrency to spend at points of sale, or allow consumers to earn rewards in cryptocurrency from debit and credit card spending. According to Research More Stone Advisors, 68% of cryptocurrency holders are very interested in debit or credit card based bitcoin rewards.

“Coinbase set out to allow our customers to easily spend cryptocurrency anywhere, and Marqeta enabled us to turn our crypto-backed debit card vision into a reality,” said Munib Imtiaz, Lead Card Product Manager at Coinbase. “Marqeta’s flexible APIs and Gateway JIT make it easy to create customizable debit cards and oversee transaction approvals, giving our customers quick access to their coins. The Marqeta team brought a significant amount of payment experience to the table and worked alongside us Every step of the way.”

“Fold was looking to bring a unique feature set to the market: a card that could deliver rewards bitcoin intertwined with incentivizing responsible spending and saving habits. We are proud to have a payment partner like Marketa to help us get through this,” said Fuld CEO Will Reeves. Marqeta’s open APIs are extremely flexible and their technology is best-in-class, helping us bridge the realms of digital assets and traditional banking – all while building a truly modern consumer experience.”

Marqeta’s advanced innovation in just-in-time funding allows cryptocurrency wallets to build card products, and to make authorization decisions at the point of sale based on the user’s available crypto balance. Marqeta’s open APIs allow its customers to build customizable experiences, easily integrate with other applications, and provide visibility and transparency through real-time notifications and monitoring powered by webhooks. Marqeta innovations such as instant issuance allow cards to be deployed instantly in digital wallets, and ATM network integration, direct deposit capabilities, and ACH allow crypto innovators to build an end-to-end digital banking experience. Through its ecosystem of partners, such as Deserve, Marqeta will also be able to offer unique features to its credit card customers, such as credit limits that can be adjusted according to a consumer’s balance of cryptocurrencies.

These unique features of Marqeta’s modern card issuance platform have been leveraged by many customers in recent months to launch innovative new products that allow customers to either earn or spend cryptocurrency at point of sale:

  • Bakkt has launched its own Visa debit card, which allows customers to spend Bitcoin and cash balances from Bakkt accounts, anywhere Apple Pay or Google Pay is accepted.

  • Coinbase has launched its Visa Debit Card, which allows users to spend their crypto balances anywhere Visa debit cards are accepted and earn additional crypto rewards on eligible purchases.

  • Fold has launched its Bitcoin Cash Debit Card, which offers Bitcoin rewards through a gaming experience focused on healthy financial habits.

  • Montreal-based Shakepay has announced a new Visa Card, which is currently available in trial access as a virtual card and allows customers to spend Canadian dollars at physical and virtual merchants and earn Bitcoin rewards on every purchase.

“To see such an impressive list of creators turn to Marqeta to build new crypto cards and rewards programs that demonstrate the resilience of our modern card issuance platform and our unique, modern architecture, which can support completely new card architectures and the power to launch them at scale,” said Randy Kern, Head of Technology at Marqeta.” This is one of the edges of fintech innovation and these new cards provide even more points of access and utility to cryptocurrencies. We are pleased to see that our platform can help these companies build full-service digital banking capabilities alongside the card itself.”

Link to Marqeta’s crypto card solution page: https://www.marqeta.com/payment-solutions/crypto-cards/

About Market

Marketa’s state-of-the-art card issuance platform enables its customers to create customized and innovative payment cards. Powered by open APIs, Marketa’s platform gives its customers the ability to build more flexible and configurable payment experiences, accelerate product development and democratize access to card issuance technology. Its state-of-the-art architecture provides instant access to a highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card software, issue cards, and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is enabled in 36 countries around the world. For more information, visit www.marqeta.com, Twitter and LinkedIn.

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