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Gate Group says the Gate Visa debit card will allow users in Europe to spend their crypto at over 80 million merchant points globally.
Users will also be able to track and manage their crypto spending using a Gate Card app.
The partnership with Gate.io is Visa’s latest collaboration with a crypto-focused company.
Gate.io parent company the Gate Group has announced a planned launch of a new Visa debit card as it looks to promote further adoption of cryptocurrencies in Europe.
The new venture, Gate Visa debit card, will be run via the company’s Lithuania-based subsidiary Gate Global UAB, and will be open to users within the European Economic Area (EEA), the Gate Group said in a press release.
Gate Group announces Visa debit card
Gate plans to help crypto holders easily and seamlessly pay with cryptocurrencies, including in-store and online at more than 80 million merchant locations across the world.
Apart from being able to easily spend their crypto assets, card holders will benefit from complete autonomy, with the capacity to track and manage spending via the Gate Card app.
Dr. Lin Han, the founder & CEO of Gate Group said in a statement that the launch of the Visa card is one way of bridging crypto with everyday life. The card will also be key to ensuring greater financial inclusion, Han added.
Cuy Sheffield, the head of crypto at Visa, also commented on the partnership between the payments giant and the cryptocurrency platform. According to him, the collaboration helps Visa in its goal of bringing crypto to its merchants and financial institutions.
Visa’s partnership with Gate.io comes a few weeks after the company’s strategic deal with crypto payments platform Wirex. However, this also follows news reports that Visa had decided to pause all crypto-related deals.
As CoinJournal highlighted, Visa was ostensibly taking a break to assess the landscape amid the market uncertainty and increased regulatory pressure.
The same outlook was given by Mastercard, although both companies noted they would continue to pursue their respective blockchain strategies.
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