What to Know:
- Beta testing for the new virtual Exodus debit card initiates at BTC Vegas, commencing with USDT and USDC stablecoins.
- A broader launch to approximately six million Exodus users is expected later this year.
Exodus Movement (EXOD), a digital wallet firm listed in the U.S. that specializes in Bitcoin and various cryptocurrencies, is launching a debit card in collaboration with Baanx, which facilitates crypto card services alongside major payment networks like Mastercard and Visa.
The cooperation allows Exodus users to utilize their cryptocurrencies for daily purchases, including travel and online shopping, wherever Mastercard is approved. This announcement was made during the BTC Vegas conference on Tuesday.
Bringing debit card capabilities to self-custodied cryptocurrency holders marks a rapidly expanding trend within the digital asset sector, featuring platforms such as Ethereum wallet provider MetaMask and decentralized finance company 1inch.
The virtual card’s beta testing kicks off in BTC Vegas with immediate capabilities to trade USDT and USDC for Bitcoin and major cryptocurrencies inside the Exodus wallet, with the CEO, JP Richardson, noting that a larger rollout is anticipated later within the year. He also mentioned:
“If you consider there are 1.7 billion people who are unbanked out there, they can now use this without needing a bank account.”
Echoing this sentiment, Baanx’s Simon Jones stated:
“If you’ve got access to a mobile phone, you’ve got access to a range of basic financial services.”
This initiative is part of an evolution from traditional wallets concentrating on custodial aspects and limited trading capabilities to wallets functioning as comprehensive virtual accounts.
