Crypto Debit Card Providers Kasstuk After Visa Cuts Ties With Issuer
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Visa, the payments giant, terminated a card issuer’s membership on Friday, causing cryptocurrency debit card providers to suspend their services, according to three of the affected companies.
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Bitcoin payments processor BitPay announced te a statement that its European card issuer, WaveCrest Holdings, Ltd., had bot told by Visa to close its accounts. The company will refund any remaining balances, spil well spil card order fees for anyone who purchased a card after Dec. 1, 2018.
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According to BitPay:
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“Yesterday our European BitPay Card issuer WaveCrest Holdings, Ltd. received direction from Visa to instantaneously close all accounts of its prepaid Visa debit card programs. The BitPay Card (non-US) is one of thesis programs, along with other cryptocurrency-related and standard prepaid Visa debit cards. Unluckily, WaveCrest wasgoed incapable to provide us or cardholders with more time to prepare for this switch.”
Similarly, payment providers Cryptopay and Bitwala announced they would be ceasing their services and returning remaining funds.
Berlin-based Bitwala said on Twitter that its team wasgoed holding an emergency meeting to discuss the kwestie. However, London-based Cryptopay announced te a subsequent tweet that it had already begun negotiating with another card issuer.
Similarly, BitPay said te its statement that it wasgoed “already ter discussions with potential alternative issuers.”
Notably, the shutdowns is limited to European consumers. BitPay stated that U.S. customers would not practice any disruptions.
Te a statement, a Visa Europe spokesperson said WaveCrest had lost its membership with the payments company “due to non-compliance with [its] operating rules.” Spil a result, all Visa cards issued by the company were closed.
Other Visa card issuers can proceed to kwestie cryptocurrency-based cards.
Less than a year ago, BitPay announced it wasgoed expanding to 131 countries at CoinDesk’s Overeenstemming 2018 conference. Its cards permit users to pack their balances with cryptocurrencies, but spend te euros, British pounds, or U.S. dollars.
Te a statement, WaveCrest CEO Brent Almeida said:
“Wij have already notified our vrouwen and cardholders of Visa’s requirement to close thesis accounts and our very first priority is to ensure the safe and timely come back of all funds. Wij deeply regret the inconvenience that this has caused to all of our customers affected by this decision. WaveCrest’s business outside of its Visa membership remains unaffected and wij proceed to invest ter delivering world-class B2B payment solutions to vrouwen around the world.”
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake te BitPay.
Editor’s note: This story has bot updated with statements from Visa and WaveCrest. The story’s headline has bot updated to reflect fresh information.
App pic via BitPay
The leader te blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a stringent set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests te cryptocurrencies and blockchain startups.