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Crypto Cards Made Available in Latin America by Bitso and Ripio

Crypto Cards Made Available in Latin America by Bitso and Ripio

Crypto Card and debit cards that use cryptocurrency are gaining popularity in Latin America. Individuals are beginning to accept cryptocurrency as a payment option. Meanwhile, two major trading platforms have announced their intentions to introduce cryptocurrency debit cards.

Bitso, a cryptocurrency exchange based in Mexico, and Ripio, a cryptocurrency company based in Argentina, have both announced plans to release cryptocurrency cards in the near future. Similarly, Bitso and Mastercard would form a partnership, while Ripio and Visa would do so.

In Latin America, Crypto Card Use Grows Rapidly

The divide between traditional banking and the crypto space has been narrowing as of late. Financial institutions are increasingly embracing cryptocurrency and providing customers with related services.

There have been rumors that two large exchanges in Latin America have decided to issue crypto cards. Digital currencies might be loaded onto these cards and used as payment for products and services.

To that end, Ripio has announced that it will introduce a crypto card in conjunction with payment processing giant Visa. Ripio hopes that their new offering will increase the number of people using cryptocurrencies as a payment or purchasing method.

The Visa Crypto Card, as reported by Ripio, will provide customers with a 5% cashback on all purchases. Company executive Henrique Teixeira predicted that by December, over 250,000 people would be able to use the card.

Bitso is not only the largest cryptocurrency exchange in Latin America, but also one of the largest cryptocurrency exchanges in the world. Towards the end of the year, the crypto company also plans to launch a crypto card.
The head of the crypto company, Daniel Vogel, says the cryptocurrency winter is coming to an end. This move is indicative of the company’s faith in the future of digital assets.

Real-World Crypto Adoption in Latin America

Vogel also revealed that Mastercard would be involved in the launch of the cryptocurrency card. Although he said that many people are waiting for the crypto debit card, he did not provide a release date.
He felt that the people who used this instrument of exchange would benefit because they could now use cryptocurrency to buy things. Specifically, he elaborated by saying:

The firm has observed customers’ spending habits on the market. Individuals deposit paychecks into the system and exchange them for digital dollars on pay day. At that point, they’d change it into Pesos so it could be used as actual currency. What a difference crypto cards would make here!
Bitso’s cryptocurrency card offers a cashback incentive, similar to those offered by other regions’ cryptocurrency cards. The company said that Mexico would be the initial launch location for the card.

Kaiko, a cryptocurrency market data tool, has reported that these new releases are consistent with their predictions. The survey reveals that people in Latin America are interested in finding practical uses for cryptocurrency, such as making online purchases.

Trading isn’t a major priority for them. Consequently, more and more marketplaces are cropping up to serve the expanding needs of traders.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.