Crypto Card Issuers Seek Solutions in the Wake of a European Ban

Intervention by Visa spelled an end to European crypto debit cards for the majority of customers on Thursday. Around a dozen crypto companies were affected by the shutdown, which instantly wiped out their services across Europe. Issuers such as Bitwala, Tenx, Bitpay, and Xapo were left high and dry after a Visa subsidiary stopped processing payments. Two of the companies affected have since spoken to news.Bitcoin.com, revealing their plans to find an alternative solution.

Also read: Visa Veto Leaves Several European Cryptocurrency Cards Locked Out

Crypto Card Holders Are Locked Out

On Thursday, news.Bitcoin.com reported on a sudden crackdown on crypto cards within Europe, orchestrated by Visa subsidiary Wavecrest. The report explained how “the prepaid cards, which have become extremely popular in the crypto community, provide a means of indirectly paying for goods and services using cryptocurrency.”

Bridging the gap between fiat and crypto is one of the biggest challenges cryptocurrency platforms face. Hybrid cards, which allow a debit card to be funded with crypto and then used to make purchases in the local fiat currency, were seen as a smart solution. That all changed this week when hundreds of thousands of European crypto-holders found their cards had been rendered useless.

Crypto Card Issuers Seek Solutions In the Wake of a European Ban

Tenx was one of those companies affected by the ban. The company’s co-founder, Dr. Julian Hosp, told news.Bitcoin.com that around 200,000 customers had been impacted, but signaled that a resolution is on the horizon:

Tenx was prepared for this, as the company has recently entered partnership with a new card issuing partner and is in the process of getting the new cards live to replace the old ones Read More Here