The card issuing platform Marqeta is powering cryptocurrency products for platforms that include Coinbase, Fold, Shakepay and Bakkt.
The Oakland, California, company said Tuesday (Oct. 19) the launch is in response to a rising interest in new cards for the crypto sector.
“Use of cryptocurrencies has grown considerably in the United States, with data from the Gemini Exchange estimating that 14% of the U.S. currently owns some form of crypto,” the company said in a news release.
“As a category leader in modern card issuing, Marqeta has opened up new applications of its platform, to allow cryptocurrency to be spent at the point of sale, or allow consumers to earn rewards in cryptocurrency from debit and credit card spending,” the company said.
The company says its instant issuance system lets cards be deployed immediately into digital wallets, while its ATM network integrations and direct deposit and ACH capabilities let crypto innovators create a “well-rounded digital banking experience.”
Marqeta says its features have been leveraged by several customers recently to launch new products that let customers earn or spend cryptocurrency at point of sale. These include Visa debit cards rolled out by Bakkt, Coinbase and Shakepay.
“To see such an impressive list of innovators turn to Marqeta to build out new crypto cards and reward programs shows the flexibility of our modern card issuing platform and our unique modern architecture, which can support entirely new card constructs and power their launch at scale,” said Randy Kern, Chief Technology Officer at Marqeta.
“This is one of the bleeding edges of innovation in FinTech, and these new cards are providing even more points of access to and utility for cryptocurrencies,” he said.
In July, Visa announced that its cryptocurrency-backed credit card was gaining in popularity, with users spending more than $1 billion in crypto worldwide to purchase goods and services in the first six months of the year.