First Bitcoin Debit Card Introduced By Xapo

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Underground bitcoin vaults maker, Xapo, introduced the first bitcoin debit card on Thursday as part of its initiative to bring the virtual currency to more consumers. Xapo founder and CEO Wences Casares said the Xapo Debit Card will be linked to the Xapo Wallet and users will be able to use it to make purchases like a traditional debit or credit card.

Wences Casares, founder and CEO of Xapo said the Xapo Debit Card works like a traditional debit card and it will allow users to spend their bitcoins at any online or offline retailers accepting debit or credit cards. According to him, merchants will receive funds in their local currency.

At present, Xapo is offering a vault for people to safely store their bitcoin and a wallet, which allows users to make purchases or transfer money. The Xapo debit card is automatically linked to a user’s Xapo wallet.

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In a blog post, Casares wrote, “The mission of Xapo is to provide a system that is both convenient and secure. We offer our fully-insured Vault with the security needed for confident bitcoin savings combined with our easy-access Wallet. The Xapo debit card provides users a new, simpler way to access bitcoins and use them for everyday transactions.”

According to him, the Xapo Debit Card is a major improvement to the cards currently available in the market, which are prepaid cards that require customers to convert their bitcoins manually to local currency before making any purchase. Casares added that his company continues to believe that bitcoin will become a global payment network, and it is the responsibility of companies like Xapo to create tools and infrastructure to offer the experience and true benefits of bitcoin.

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Xapo is partnering with MasterCard Inc (NYSE MA) and Visa Inc (NYSE V) to use the payment networks of both companies, and plans to release its debits card within two months.

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