Coinmotion Rolls Out New Crypto Debit Card In Select Countries

Finland-based cryptocurrency service provider Coinmotion, announced that it has launched its crypto prepaid debit card. According to the company, the debit card will allow users to use crypto assets for daily spending.

Based on the announcement, Coinmotion is the first Nordic service provider that will be launching a debit card using fiat money converted from crypto assets. It will be leveraging the worldwide acceptance network of Mastercard, which means the new card can be used everywhere Mastercard is accepted both online and offline.

The Card Is Available In Select Countries

But the card is available for users residing in the United Kingdom, Sweden, Spain, Netherlands, Ireland, Germany, France, Austria, Finland, and Belgium. Coinmotion says it will make the card available to all the EEA countries soon.

Last year, over 150,000 crypto traders and investors declared their cryptocurrency income to Finland’s Tax Administration. This represents a massive increase from 3,400 traders who did the same in 2020.

Chief Executive Officer of Coinmotion, Heidi Hurskainen, commented on the development. He noted that cryptocurrencies have been downplayed because of their lack of everyday utility since their acceptance in stores is not yet widely spread.

As a result, the company wanted to create an option that allows people to use their crypto holdings to make ATM withdrawals or pay for groceries at the supermarket.

Coinmotion To Make Payments In Crypto Easier

The idea is to make payments with cryptocurrencies work like payments with fiat currencies acceptable across ATMs and online stores.

However, there is an advantage to using crypto assets to settle for payments rather than fiat. Unlike bank savings transfers that can take up to a day, payments with crypto assets on Coinmotion are almost instant with the euros from any of their wallets.

She noted that there is an unprecedented interest in cryptocurrencies. This has provided an opportunity to enable people to consider crypto assets as a financial opportunity that is easy to use and safe to hold. However, a few bad actors have marred the perception of crypto assets. Realistically, it can be as safe and easy as doing business in the bank, Hurskainen added.

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