Visa Veto Leaves Several European Cryptocurrency Cards Locked Out

Visa Issues a Veto
Seemingly overnight, Visa, acting via Wavecrest, has put an end to cryptocurrency cards. The prepaid cards, which have become extremely popular in the crypto community, provide a means of indirectly paying for goods and services using cryptocurrency. The cards are a means of bridging the gap between the fiat and crypto worlds, preventing hodlers from needing to cash out to spend their digital assets.

Xapo’s European Service is Zapped
In an email sent to its customers today, Xapo explained: “Unfortunately, Xapo did not receive any anticipated notice to prepare for – and have our cardholders prepare for – the cancellation of our Card program.” It continued:The email finished: “As a token of our appreciation for being a loyal Xapo customer, once we are able to service Xapo Cards in your country again, we will offer you a new card free of charge. We are hard at work to find alternative card solutions for you. The past years have shown what a powerful product a cryptocurrency payment card can be, and we are already in discussions with potential card issuers allowing Xapo to continue serving customers in Europe and beyond.”Your Xapo Card has been deactivated, and you will not be able to use it for further payments or withdrawals. The rest of your Xapo account remains active, and you can continue to access your Xapo wallet balance and funds without interruptions. All other Xapo services are available for your use, as always.
Legacy Finance Lashes Out

Web-users who value their financial freedom have long been been wary of Visa. This is the company, after all, which facilitated the financial blockade of Wikileaks in 2011. That decision ultimately proved to be Wikileaks’ salvation, with Julian Assange later crowing that the switch to bitcoin caused a windfall as the cryptocurrency began to multiply in price. The repercussions of the Wavepay edict are still being felt, and it is too early to say whether the affected crypto companies will be able to find an alternative payment processor. Whatever the reason for the ban, the case illustrates something bitcoiners have known for years: too much centralization is a dangerous thing. Do you think Visa has valid reasons for shutting down crypto cards, or is it simply hostile to cryptocurrency? Let us know in the comments section below. UPDATE: This story has been updated to include fresh information from Xapo.Visa has other approved card programmes that use fiat funds converted from cryptocurrency in a number of jurisdictions. The termination of WaveCrest’s Visa membership does not affect these other products.
Images courtesy of Shutterstock. Additional sourcing for this story by Luis Barreto.
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