Bakkt, a subsidiary of Intercontinental Exchange, has just announced the launch of a cryptocurrency debit card.
According to the announcement, which was made yesterday, the company has rolled out a Visa debit card that allows its users to spend the cryptocurrencies stored in their Bakkt accounts both in online and brick-and-mortar stores.
Gavin Michael, CEO of Bakkt, said:
“Imagine a Bitcoin user who sees a significant gain. Now, instead of selling and waiting to transfer to a bank, they can simply walk into their favorite store, tap their Bakkt Card and buy that new item they’ve been eyeing […] the Bakkt Card untethers Bitcoin owners from their online-only past into a world with countless options to leverage the digital assets in their day-to-day lives.”
The card, which is licensed by Visa, will be issued by Sutton Ban.
Thanks to the card, Bakkt users will not have to convert their cryptocurrencies to fiat money to make purchases. It is worth mentioning that Bakkt avoids BTC transaction fees selling the cryptocurrencies at a slightly higher price than the market.