Anti-Money Laundering News and Information

Bitpanda to issue multi-asset debit card

Crypto-broker Bitpanda is taking pre-orders for a new Visa debit card that combines all assets like cryptocurrencies, fiat and precious metals into one card in real time.

The card is linked to any asset in a user’s Bitpanda portfolio, allowing the cardholder to switch the linked asset at any time via a mobile app and to shop online and in stores worldwide. Transactions are processed immediately and users get a real-time push notification every time the card is used.

The product comes with no card fees, no monthly account fees and up to 2% cashback in bitcoin for premium customers every time they make a purchase.

Eric Demuth, co-founder and CEO of Bitpanda, says: “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.”

Founded in 2014. the Austrian-based neobroker currently claims 1.5 million customers who use its desktop site and mobile app to get access to more than 50 investment assets, including crypto and precious metals.

The company secured $52 million in its first funding round in September last year, led by Peter Thiel’s Valar Ventures and moved into France, Spain Turkey and Poland.

The firm claims to be doubling revenues year-on-year and plans to add new asset classes like stocks and ETFS over the coming year.

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January 20, 2021, Published on Finextra

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