Visa launches Bitcoin Black Card in UAE, Allows User to Convert Crypto into Cash

Key Takeaways

  • The Bitcoin Black Card allows users to convert their Bitcoin (BTC) as well as other major cryptos into spendable cash. 
  • The crypto-powered premium credit card is accepted globally, and its members receive rewards of up to 10% back in exclusive $SPND tokens, reads the press release

Leading  payments company, Visa has announced the launch of an exclusive VIP crypto credit card called ‘bitcoinblack’ in the United Arab Emirates(UAE), a press release stated on July 3. The card allows users to convert their Bitcoin (BTC) as well as other major cryptos into spendable cash. 

According to the official announcement, the Bitcoin Black Card, which was first launched in 2021, is available by invite only to 10,000 members worldwide. The crypto-powered premium credit card is accepted globally, and its members receive rewards of up to 10% back in exclusive $SPND tokens.

The press release claims the Bitcoin Black Card will act as a gateway to a world of luxury goods and services and one-of-a-kind members-only experiences. The invitation can be requested via the bitcoinblack website. The exclusive nature of the card allows its owners to spend rewards on various luxury items in bitcoinblack’s Haute Living Luxury Marketplace.

Commenting on the recent development, bitcoinblack CEO Prakash Chand stated bitcoinblack is perfectly suited for high net worth individuals who want to use their crypto for business or pleasure wherever they are in the world, including the 140+ countries where Visa is accepted.

Explaining the functionalities of the card, Chand added that members need to load up their crypto through the web app or soon-to-come secure bitcoinblack wallet app, and later they are instantly empowered to spend their crypto with the best conversion rates and high limits.

This is, however Visa’s not the first foray into the world of cryptocurrency. Last year, the company partnered with 60 Crypto Platforms to launch card programs to access and spend digital currency at 80 million merchant locations worldwide. Last month, Visa launched its first crypto-enabled cards in Latin America with the idea of enabling more people to use cryptocurrencies through its payments network.

Visa is, however, not the first global payment company to take an interest in mixing conventional fiat payments with more Web3 solutions like cryptocurrencies. Recently, Mastercard-one of Visa’s biggest competitor in collaboration with Nexo, launched the ‘world’s first’ crypto-backed payment card. Mastercard has also launched a crypto consulting service to boost cryptocurrency adoption.

Saniya Raahath
Saniya Raahath

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