Exodus Launches Debit Card Enabling Crypto Spending Via Mastercard

HomeNews* Exodus Movement has introduced a new crypto debit card for users to spend digital assets at Mastercard-accepted locations worldwide.

• The card launch comes through a partnership between Exodus and Baanx, a company enabling crypto payment cards with major payment networks.
• Beta testing will begin at the BTC Vegas conference, initially supporting USDT and USDC stablecoins, with plans to expand later in the year.
• Self-custody wallet platforms, like Exodus, are increasingly offering everyday spending options for cryptocurrencies, following similar moves by MetaMask and 1inch.
• Exodus CEO JP Richardson and Baanx executive Simon Jones highlight the potential impact on unbanked populations and the evolution of crypto wallets into virtual accounts. Exodus Movement, a US-listed crypto self-custody wallet provider, revealed a new debit card on Tuesday that allows users to make payments with cryptocurrencies such as Bitcoin. The company is partnering with Baanx, a fintech specializing in crypto card solutions with connections to Mastercard and VISA, to deliver this service.

• Advertisement - Through this collaboration, Exodus wallet customers will be able to spend their digital assets while traveling, shopping online, or making purchases anywhere that accepts Mastercard. The announcement was made at the BTC Vegas conference. Beta testing for the virtual card will start at the event, initially supporting two major stablecoins, USDT and USDC. Users can instantly swap these stablecoins for bitcoin or other supported cryptocurrencies directly within the Exodus wallet.

“If you consider there are 1.7 billion people who are unbanked out there, well now they don’t need a bank account because they can use something like this,” said JP Richardson, CEO of Exodus. Simon Jones of Baanx added, “You are effectively saying that if you’ve got access to a mobile phone, you’ve got access to a range of basic financial services.”

The introduction of a crypto-linked debit card aligns Exodus with other major crypto wallet providers, including MetaMask and 1inch, who have started to offer card-based payment solutions. The firms see this as an evolution of crypto wallets, moving beyond storage and trading to provide broader financial services for digital asset holders.

According to company statements, a broader launch is planned for later in 2024, targeting Exodus‘s six million-strong user base. Exodus Movement was also granted approval to list on the NYSE American stock exchange in December 2024, following recent U.S. political developments.

For more details on the partnership and product launch, visit the official BTC Vegas conference site.

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