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Singapore Residents Clamor for Bitcoin-backed Visa Cards...As Crypto Adoption Surges!

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BITCOIN is gradually entering into the financial marketplaces all around the world and credit card companies are beginning to realize what a goldmine a crypto debit cards could be.

This year, with the hype about bitcoin and the other cryptocurrencies, bitcoin and other altcoins debit cards have become quite popular. Such cards are issued by third party companies that store users’ Bitcoins or other currencies. When the consumer goes to make a purchase with the card, the issuing company sells a certain amount of the consumer’s holdings to pay for the charge.

When one such company began issuing cryptocurrency-backed cards recently, they were shocked at receiving 17,000 reservations within a short period , without any form of advertising at all.

While the digital currency sector has been surging for the past year, there has been some difficulty in the crossover to mainstream adoption of cryptocurrencies. Much of the lag is caused by difficulties in actually being able to use digital currencies to make purchases.

Visa is ready to take the lead in the integration of cryptocurrencies into the mainstream payment system, starting with Singapore. They will begin with Singapore. The tiny nation of Singapore has been a forward thinking and receptive country when it comes to cryptocurrency acceptance and adoption, so this seems like a logical step.

Visa has had a few forays into the cryptocurrency sector, having already approved several different cryptocurrency-based card issuers. There is a lot of work that still needs to be done before digital currency truly goes mainstream,

With Visa's experience in digital payment, partnerships across platforms, it is hoped that the wariness of many people about digital currency will soon fade away.  With Visa entry into the crypto card arena, consumers will be able to  spend digital currency with a Visa-backed card more than 44 million locations worldwide.


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