Visa Suspends Several Crypto Debit Card Issuer's Such as TenX, Cryptopay and Bitwala.
Many Crypto Debit Cards are not working today due to a sudden decision by Visa to terminate WaveCrest's Visa membership. The reason was due to WaveCrest not being compliant with Visa membership requirements. WaveCrest was a major provider for many of the issuer's of the new Crypto Debit Cards.
The issuer's are scrambling to find a resolution. This is leaving customers in dire straits if they are counting on these cards without a backup. It's unclear how long it will take to resolve this issue. It is certain that the Crypto Debit Card industry will take a step back due to this.
Since this is nascent technology it is expected that there are going to be issues along the way. This is a very big issue and it will be interesting to see how long it will take the debit card issuer's to resolve this and how it is handled. I believe this is another temporary issue that will be overcome.
Good luck and good fortune!
Bad move if you ask me. Visa need to embrace cryptocurrencies or they will be swept aside eventually.
Yes. It's not clear though what requirements WaveCrest had not complied with. Visa either did not have a choice or they exploited a reason to shut WaveCrest down.
I agree with you on embracing cryptocurrencies. As with any new technology and innovation there will be people, corporations and governments that will fight it. This has happened all through history. The Henry Ford's first car, the internet and now crypto. Eventually they will need to accept and embrace it to survive!
Thank you for your reply :)