Bitpanda, an Austrian cryptocurrency broker, has unveiled a new Visa debit card that integrates assets such as cryptocurrencies, fiat currencies and precious metals onto a single card.
Bitpanda is now taking pre-orders for the card, which can be linked to any asset in a user’s Bitpanda portfolio. Using the mobile app, the cardholder can switch the linked asset at any time.
The card can also be linked with contactless payments including Google Pay or Samsung Pay.
The user can also shop online and in brick-and-mortar stores across the world. The transactions are processed instantly and the user will also receive push notifications every time the card is used.
The fintech’s customers can apply for card through the mobile app or through the firm’s website. Presently, available only in Europe, the card has no fees or monthly account fees and offers 2% cash back in Bitcoin for every purchase made using the card.
Bitpanda co-founder and CEO Eric Demuth said: “We wanted to build a product that is missing in the market by asking ourselves why it wasn’t possible to spend your investments at any time you want. We answered this question with the Bitpanda Card, allowing users to spend any of their assets, be that with crypto, metals, or fiat, as they please.
“No topping up is required. Everything that holds value should be treated equally and should be possible to use as you wish. The arrival of the Bitpanda Card comes at a time where cryptocurrencies and digital assets are moving into the public eye faster than ever. This is the missing piece of the puzzle in the world of digital finance.”
Established in 2014 in Vienna, Austria, Bitpanda offers PSD2 payment services. It serves as a platform for trading cryptocurrencies such as Bitcoin, Ethereum, gold and more than 50 other digital assets. In 2019, the fintech secured payment service provider licence from the Austrian financial market authority (FMA).
With a workforce of over 250, the firm caters to the needs of 1.2 million customers across Europe. Last October, the firm secured $52m in series A funding to further expand in Europe.
The funding round was led by Valar Ventures with Speedinvest among the other participants. Valar Ventures founding partner Andrew McCormack joined Bitpanda’s board.