Gate Group, the parent company of the highly regarded crypto trading platform Gate.io, has declared its intent to introduce a Gate Visa debit card in Europe. This card will enable customers to conveniently use Shiba Inu (SHIB) and other digital currencies at any of the 80 million retailers that accept Visa cards.
Today, it was announced that the company is going to introduce a debit card via Gate Global UAB, which is part of Gate Group. This news was quickly brought to light by the official Gate.io Twitter page.
The news release did not include an estimate of the time it will take to launch the product, but Gate Group has created a waitlist for customers in the EEA. They intend to eventually offer the product to other parts of the world.
The card will provide users with an effortless way to exchange their crypto resources, comprising of SHIB and Bitcoin, for regular currency when making both in-store and digital payments. Additionally, Gate Group has revealed they plan on introducing a special app specifically made for the card. This application will give customers several advantageous features to monitor and trace their expenditures.
Gate.io made public its decision to back Shiba Inu in April 2021 after numerous requests to list the token. Furthermore, the platform declared its intention to add Bone ShibaSwap (BONE), the governance token for ShibaSwap, last month.
Visa feedback
Cuy Sheffield, Visa’s chief of cryptocurrency, commented:
“Visa wants to serve as the bridge between the crypto ecosystem and our global network of merchants… Gate Group debit cardholders are enabled with a seamless way to convert and use their digital assets to pay for goods and services anywhere Visa is accepted.”
This news follows a week after reports from Reuters that Visa was going to suspend its foray into cryptocurrency due to regulatory uncertainty and financial losses. However, Visa has assured that it is still committed to achieving its long-term objectives related to cryptocurrencies.
With an increase in adoption, the crypto card will be added to the list of recently-created Shiba Inu and crypto payment solutions. Last August, Binance made its crypto card available in Argentina shortly after it declared its support for Shiba Inu on its cards.
