Austrian-based digital asset management company Bitpanda has released it’s very own debit card, allowing users to spend their fiat currency, cryptocurrency and precious metals. Once the funds are registered online, users can fund payments using any of the investments they have with Bitpanda with a real-life physical Visa card.
A unique offering and something that has caught the eye of many traders, who look for ways to exchange cryptocurrency using debit cards on the various exchange platforms available to digital currency users.
What makes the product stand out is the ease at which customers can switch between the various assets they hold in order to complete trades and transactions.
What does the Bitpanda card offer customers?
The digital asset company is now taking pre-orders for the new Visa debit card, which will be a world-first for a crypto-broker. Users will be able to connect to their account via the Bitpanda mobile app, allowing them to select any asset present on the user’s portfolio.
Bitpanda is a company that has quickly picked up speed, having first secured investments of over $52 million in its first round of funding in 2020. A company that seems to be going from strength to strength, with claims that they are doubling their revenue year-on-year.
As we mentioned before, the access to cryptocurrencies, fiat money, and precious metals all in one card is something the financial market hasn’t seen before. Bitpanda co-founder and CEO Eric Demuth stated:
“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.”
Not only can they trade these assets, but they can also purchase at online shops and make transactions online worldwide using the value of the assets held.
As you’d expect from any Visa debit card, transactions are completed instantaneously, with everything linked back to the users’ account. This revolutionary debit card offers features you’d expect from such a technologically advanced product, such as allowing contactless payment using Google Pay and Samsung Pay. Bitpanda debit card users will be able to track all account movements using real-time push notifications.
Something that came as a surprise to us was the fact customers will be able to freely spend without incurring any fees or monthly account charges. Users will have the option of becoming a premier customer, meaning they will also be rewarded with up to 2% cashback in Bitcoin every time they complete a purchase.
At present, Bitpanda claims it’s customer base is upward of 1.5 million, accessing their investments via the desktop site and mobile app. We mentioned the three main categories of investment types, but there are 50 different investment assets available overall.
To start with, the debit card will only be available to users residing in the European Union. Though this is likely to change in the near future. As a Peter Thiel backed company, Bitpanda is likely to continue to move on the same upward trajectory it’s on at the moment.