Crypto derivatives trading platform Bakkt has teamed up with Sutton Bank to launch a virtual Visa debit card. Cardholders can pay for purchases with Bitcoin without waiting for cryptocurrency-to-fiat conversion.
According to the press release, the card can be used to make purchases both online and in physical stores. It is compatible with mobile payment systems Apple Pay and Google Pay.
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Bakkt representatives have not specified whether the platform will charge fees for transactions with the card. It should be noted the company does not charge its customers any fee for Bitcoin transactions on its platform, although it does sell the crypto at a higher price than in other sites. During 2021, the spread for BTC will not exceed 1.5%.
To receive a card, users must submit an application on Bakkt's mobile app. Once approved, customers will be able to spend the Bitcoins and dollars stored in their accounts.
Bakkt has previously launched an application to store, buy and sell Bitcoins.