Uphold Prepares to Launch Crypto Card in Europe With New Acquisition
- After acquiring Optimus Cards UK, Uphold is now preparing to launch a new “multi-asset” crypto-enabled debit card in Europe.
- Scheduled for an April 2021 release, the new crypto card will support 38 digital assets, 27 national currencies, four precious metals and 50 fractional U.S. equities.
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U.S. digital trading platform Uphold has acquired card issuer Optimus Cards UK, and is now planning to launch a crypto-enabled debit card in Europe, Uphold said in a press release on 2 February.
According to the announcement, Uphold plans to release its new “multi-asset” crypto-enabled debit card in Europe in April, enabling its customers to receive “part or all of their salary” in any asset of their choice. Uphold further said the acquisition of Optimus came with an Electronic Money Institution license from the Financial Conduct Authority (FCA), which allowed Optimus to act as a primary card issuer and payments facilitator. The CEO of Uphold, JP Thieriot, said in a statement:
“From April, we plan to start rolling out the world’s first, multi-asset, crypto-enabled debit card on the Optimus platform in Europe. The card has already proved a hit with our U.S. customers offering a unique combination of utility, convenience and crypto-back rewards.”
Back in March 2020 Uphold announced the release of its U.S. multi-asset debit card — supporting 38 digital assets, 27 fiat currencies, four precious metals and 50 fractional U.S. equities — which allowed U.S. citizens to spend the assets held in their Uphold account at any Mastercard compatible location.
In its Tuesday press release, Uphold revealed it had to pass the U.K. FCA’s rigorous “Change In Control” process, which was needed to get approval from the regulator for acquiring Optimus. While the cost of acquisition was not disclosed, it should not have come cheap, considering the services of Optimus can be compared to major platforms such as Apple Pay and Google Pay.
- Gemini Credit Card, which was supposed to launch last summer, was released in partnership with Mastercard and WebBank.
- More than 500,000 users had signed up on Gemini’s waitlist, hoping to be the first to try the card that offers up to 3% crypto cashback for dining, 2% for groceries, and 1% for other purchases.
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- Unlike other crypto cards that sell user’s holdings at the point of sale, Nexo Card uses a crypto-backed credit line that can use a number of digital assets as collateral.
- Launched in partnership with Mastercard and DiPocket, the card gives access to more than 92 million merchants, and offers a credit line that stays at 0% APR.
- The introduction of the Gemini Credit Card was accelerated with the acquisition of fintech startup Blockrize.
- The new card will allow its users to earn up to 3% back in Bitcoin on their purchases.