Gate Group, the company behind the cryptocurrency exchange Gate.io, is set to launch the Gate Visa debit card via its Lithuania-based subsidiary, Gate Global. The card enables users to convert and spend cryptocurrency in the real world.
Gate.io has more than 12 million users globally and is one of the top 10 cryptocurrency exchanges in terms of liquidity and trading volume.
The new card provides a simple method for crypto assets to be converted into fiat currency for online and in-store purchases, with more than 80 million merchant locations worldwide accepting Visa. Users can manage and track their spending via the Gate Card app.
The waitlist and registration process is now available for the card, with users in the majority of the European Economic Area (EEA) countries being eligible. Gate Group’s ecosystem includes DeFi (decentralised finance), wallet services, venture capital investing, research and analysis, and startup incubator labs.
Dr Lin Han, founder and CEO of Gate Group, described the solution as an innovative way of bringing financial inclusion to users.
Cuy Sheffield, head of crypto at Visa, said that programs like the Gate Visa debit card enabled customers to use their digital assets to pay for goods and services globally.
Visa is one of several major financial institutions and companies that have sought to integrate cryptocurrencies into their services. PayPal has enabled users in the US to buy, hold, and sell cryptocurrencies since late 2020. Mastercard is also working with a variety of cryptocurrency companies.
El Salvador has become the first country to accept Bitcoin as legal tender. However, cryptocurrencies have also faced opposition from regulators in some countries, such as China and India.
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