OAKLAND, Calif.–(BUSINESS WIRE)–Oct 19, 2021–
Marqeta (NASDAQ: MQ), the worldwide trendy card issuing platform, introduced in the present day that it’s powering cryptocurrency spending and rewards merchandise for Coinbase, Fold, Shakepay and Bakkt, with the corporate seeing rising curiosity in new card merchandise on this quickly evolving class.
Use of cryptocurrencies has grown significantly in the USA, with knowledge from the Gemini Exchange estimating that 14% of the US at present owns some type of crypto. As a class chief in trendy card issuing, Marqeta has opened up new purposes of its platform, to permit cryptocurrency to be spent on the level of sale, or permit customers to earn rewards in cryptocurrency from debit and bank card spending. According to research from Cornerstone Advisors, 68% of cryptocurrency house owners are very fascinated by Bitcoin primarily based debit or credit-card primarily based rewards.
“Coinbase got down to permit our prospects to seamlessly spend cryptocurrency wherever, and Marqeta enabled us to show our imaginative and prescient of a crypto-backed debit card into actuality,” mentioned Muneeb Imtiaz, Product Supervisor main Card at Coinbase. “Marqeta’s versatile APIs and Gateway JIT Funding characteristic facilitates the creation of customizable debit playing cards and oversees transaction approvals, permitting our prospects quick entry to their currencies. The Marqeta workforce introduced an enormous quantity of funds expertise to the desk and labored hand in hand with us each step of the way in which.”
“Fold was seeking to convey a singular characteristic set to market: a card that might ship gamified bitcoin rewards whereas incentivizing accountable spending and saving habits. We’re proud to have a funds associate like Marqeta to assist us navigate this,” mentioned Will Reeves, CEO of Fold. “Marqeta’s open APIs are extraordinarily versatile and its know-how is best-in-class, serving to us bridge the worlds of digital belongings and conventional banking – all of the whereas constructing out a very trendy shopper expertise.”
Marqeta’s innovative Simply-in-Time Funding innovation permits cryptocurrency wallets to construct out card merchandise, making authorization selections on the level of sale primarily based on a person’s obtainable cryptocurrency stability. Marqeta’s open APIs permit its prospects to construct customizable experiences, simply integrating with different apps and providing visibility and transparency via real-time notifications and monitoring powered by webhooks. Marqeta improvements like prompt issuance permit playing cards to be instantly deployed into digital wallets, and its ATM community integrations and direct deposit and ACH capabilities permits crypto innovators to construct out a well-rounded digital banking expertise. By way of its ecosystem of companions, reminiscent of Deserve, Marqeta may even be capable to introduce distinctive options for its prospects issuing bank cards, reminiscent of credit score limits that may be adjusted in accordance with a shopper’s cryptocurrency stability.
These distinctive options of Marqeta’s trendy card issuing platform have been leveraged by a number of prospects in current months to launch revolutionary new merchandise permitting prospects to both earn, or spend cryptocurrency on the level of sale:
- Bakkt launched its Visa Debit Card, which permits prospects to spend Bitcoin and money balances from their Bakkt accounts, wherever Apple Pay or Google Pay are accepted.
- Coinbase launched its Visa Debit Card, which permits customers to spend their cryptocurrency balances wherever Visa debit playing cards are accepted and earn extra crypto rewards on eligible purchases.
- Fold launched its Bitcoin cashback debit card, which provides Bitcoin rewards via a gamified expertise that emphasizes wholesome monetary habits.
- Montreal-based Shakepay introduced its new Visa Card, which is at present obtainable for beta entry as a digital card and permits prospects to spend Canadian {dollars} at bodily and digital retailers and earn Bitcoin rewards on each buy.
“To see such a powerful listing of innovators flip to Marqeta to construct out new crypto playing cards and reward applications exhibits the flexibleness of our trendy card issuing platform and our distinctive trendy structure, which may help fully new card constructs and energy their launch at scale,” mentioned Randy Kern, Chief Know-how Officer at Marqeta. “This is likely one of the bleeding edges of innovation in fintech and these new playing cards are offering much more factors of entry to and utility for cryptocurrencies. We’re excited to see that our platform can assist these corporations construct out full service digital banking capabilities alongside the cardboard itself.”
Hyperlink to Marqeta’s crypto playing cards resolution web page: https://www.marqeta.com/payment-solutions/crypto-cards/
About Marqeta
Marqeta’s trendy card issuing platform empowers its prospects to create personalized and revolutionary fee playing cards. Marqeta’s platform, powered by open APIs, offers its prospects the power to construct extra configurable and versatile fee experiences, accelerating product growth and democratizing entry to card issuing know-how. Its trendy structure offers prompt entry to extremely scalable, cloud-based fee infrastructure that allows prospects to launch and handle their very own card applications, subject playing cards and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is enabled in 36 nations globally. For extra data, go to www.marqeta.com, Twitter and LinkedIn.
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CONTACT: for Marqeta
Kevin McLaughlin
646-277-1234
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES TECHNOLOGY OTHER TECHNOLOGY MOBILE/WIRELESS FINANCE INTERNET BANKING
SOURCE: Marqeta
Copyright Enterprise Wire 2021.
PUB: 10/19/2021 07:00 AM/DISC: 10/19/2021 07:02 AM
Copyright Enterprise Wire 2021.