How crypto firms are using Marqeta’s platform to build crypto spending and rewards products
- Marqeta has announced new applications of its platform to support cryptocurrency payments and crypto-based rewards on debit and credit card spending.
- Coinbase, Fold, Shakepay and Bakkt are using Marqeta’s platform to build card solutions around crypto spending and rewards.
Card issuing technology firm Marqeta recently announced new applications of its platform, which are being used by a number of crypto firms to allow their customers to spend cryptocurrencies at the point of sale, or earn crypto-based rewards from debit and credit card spending. This includes new card products from Coinbase, Bakkt, Fold and Shakepay.
Marqeta’s open API platform provides its customers with access to cloud-based payments infrastructure that enables them to build customized and configurable payment solutions. The platform’s Just-in-Time Funding feature allows crypto wallets to build out card products that can make authorization decisions at the point of sale based on a user’s available crypto balance. This effectively means that the end-user can make purchases directly with their crypto balance, which is converted to fiat currency in real time when they swipe their card.
“Previously, if users wanted to spend their cryptocurrency balance, they first had to sell their digital assets and then transfer the funds to their external bank account, which can take days,” explained Randy Kern, chief technology officer at Marqeta. “Our platform eliminates the need to constantly sell crypto for fiat ahead of time to maintain a separate card balance. This creates a more seamless experience for the user, since they no longer need to worry about the crypto-fiat conversion process.”
In recent months, a number of crypto firms have used Marqeta’s platform to launch new products allowing customers to either earn or spend crypto at the point of sale.
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