BitStamp, which is a bitcoin exchange based in London, recently unveiled its newest product: a bitcoin debit card. This will be available for use among EU citizens and will be accepted anywhere major debit and credit cards are accepted.
The debit card will be loaded using bitcoin and its balance can be denominated in British pounds, euros, or U.S. dollars. To secure one, you have to submit a government-issued ID, proof of residence, and certification of funds to determine the spending limit.
Bitcoin Debit Card Features
The debit card has three verification stages, with the most basic one not requiring a know-your-customer check from the bank. However, this allows for only 2,500 EUR in spending limit annually.
The bitcoin debit card can be ordered online and will be received in digital form. Those who order a physical card that can be swiped in stores need to pay $10 and the actual card will take 10-15 business days to be delivered.
Upon receiving the card, the user can load it with bitcoin using his or her BitStamp account. A $10 flat fee will be charged for transfers of $1,000 or less while a 2% fee will be taken for anything above that. Users have access to their account settings and transaction history through cardportal.com and can also be able to order new cards through the website.
This product was created in partnership with AstroPay, which is a European and Latin payment processor company. AstroPay currently operates the largest payment network in Latin America and has partnered with several Bitcoin companies in the past, such as Bitex.la, Ripple Labs, and Mt. Gox before its shutdown.
BitStamp hopes to be able to offer their bitcoin debit card service to the US market soon, but BitStamp founder and CEO Nejc Kodrič said no launch date has been determined.