The crypto debit card space will get more crowded in 2022, thanks to a new partnership between European fintech Embily and Visa. The new partnership sees Embily USA joining Visa’s Fintech Fast Track program – gaining access to industry-leading experts, technology, and more.
Embily USA Joins Visa’s Fintech Fast Track Program
Europe-based fintech Embily is the latest firm to join Visa’s Fintech Fast Track program. According to reports, the new partnership will see Visa help Embily USA launch its prepaid debit card product in the country as soon as Q1 of next year. The move will grant the firm access to Visa’s payment network and enable faster onboarding times, expediting the scaling of its business model.
Embily will introduce physical or digital prepaid cards that can be loaded with Bitcoin and other cryptocurrencies. Funds are then liquidated using a third-party exchange, after which they are ready to be spent anywhere Visa is accepted. Users can also withdraw cash from any ATM with their physical debit card.
Joe Sasenick, CEO of Embily USA, declined to comment to Bitcoin Magazine on which third-party exchange his company uses, saying it comes down to the option that provides ”the most liquidity.”
“I don’t want to breach any security protocols by answering in detail the money flow and which we use, but it is one or more exchanges that have a neutral or positive reputation in the space,” Sasenick said. “We will be happy to announce once things are finalized.”
“Unprecedented Access to Visa Experts”
“By joining Visa’s Fast Track program, exciting fintech like Embily USA gain unprecedented access to Visa experts, technology, and resources,” said Terry Angelos, SVP and Global Head of Fintech at Visa, in a statement. “Fast Track lets us provide new resources that are rapidly growing companies need to scale with efficiency.”
“This card is currently available to almost every country except the U.S.,” Sasenick added. “We have a euro Embily card that serves almost every part of the world and a couple more entities we are building out to provide this service for as many countries as possible. Embily USA, Inc. expects to have a product fully launched in Q1 2022.”
About Visa’s Fintech Fast Track Program
Visa’s Fintech Fast Track program
seeks to accelerate the integration process of fintech companies into the traditional credit card space. The program has seen numerous product launches, including the BlockFi Rewards Visa® Signature Credit Card. Visa has also used the program to fund successful brands, including a multimillion-dollar round of funding for Deserve just last month.
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