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- EU-regulated cryptocurrency exchange Lama rolls out Visa cards to its users.
- Users can earn up to 2% cashback in Bitcoin on all purchases.
Lama, a Lithuanian-regulated crypto exchange, announced the rollout of its crypto Visa cards to its users this Tuesday. The Lama Visa card allows users to spend their cryptocurrencies in their day-to-day activities, as the crypto is instantly converted to fiat at the checkpoint. The physical and virtual cards enable users to quickly spend their cryptocurrencies across over 70 million+ worldwide stores where Visa is accepted.
Lama Visa cards aim to give the user the best of both the crypto world and the fiat world. The user can choose to ‘hold cryptocurrency’ on his card with the assurance that they can conveniently spend their tokens in their daily activities and access their funds instantly.
According to the Head of Operations at Lama, Brigham Santos, the introduction of Visa cards to exchange users will enhance the adoption of cryptocurrency. Santos believes these cards make crypto assets “tangible and accessible”, allowing the users to spend them and participate freely in the traditional economy.
“The Lama Visa card is an essential tool for anyone looking to make the most of their crypto assets,” Santos added. “By using Lama Visa cards, users will easily convert and spend their digital currency at millions of merchants worldwide.”
Gain up to 2% cashback in Bitcoin on all purchases
Launched in 2022, Lama has worked its way up to become one of the few regulated crypto exchanges in Europe. The exchange combines traditional banking services with crypto trading and decentralized finance (DeFi), giving users an all-in-one-stop shop for all their banking needs. Over the past year, Lama has introduced various innovative developments including fiat-to-crypto onramps to support seamless trading and transfers.
The Lama Visa card is the latest innovation to join the platform. The exchange currently offers 3 types of physical Lama cards and each of them has different limits, advantages and fees. First, the Bronze card comes as a single virtual card for spending online. The bronze card is free to use with a transaction limit of €1,000, a monthly limit of €2,000 and an exchange fee rate of 4%.
The silver plan includes one physical Lama Visa card and three virtual cards. The plan offers a 1% cashback in Bitcoin for all purchases, a transaction limit of €4,000, a monthly limit of €7,000 and an exchange fee rate of 3%. The silver card costs €9.99 per month.
Finally, the Gold plan caters for exclusive users and includes one physical card and five virtual ones. The cards go for €19.99 per month with a transaction limit of €20,000, a monthly limit of €50,000 and an exchange fee rate of 2%. The Gold plan also offers exclusive benefits including priority access to Lama NFT assets, premium customer support, and up to 2% cashback in Bitcoin for all purchases.
The branded Visa cards will allow users to send and spend crypto and euros in any physical or online store that accepts Visa.
Connecting traditional finance with crypto
Lama’s goal is to connect the fiat world with innovative crypto assets to enhance the adoption and convenience of using your digital assets. Lama uses institutional-grade custody service technology, through its partnership with Ledger, to keep customer funds safe and secure.
The latest move by Lama is part of Visa’s crypto card program that provides bank cards to over 50 leading crypto platforms. The partnerships between Visa and crypto companies have made it simpler and more convenient for crypto users to freely spend their digital tokens anywhere around the world.
Image by profivideos from Pixabay
