Bitpay Announces Phasing out Crypto-Debit Cards for European Cardholders
Bitpay announced the company’s loadable crypto-debit card services will no longer work for European customers later this month. Bitpay has emailed all of its European card holding customers and revealed it is in the midst of sunsetting all Bitpay accounts related to the Wave Crest-issued Bitpay card.
Bitpay Is Phasing out Debit Services for European Cardholders
Many crypto-cards had to stop debit card operations because the issuer Wave Crest had its license from Visa revoked. Because of the banking issues, this week the cryptocurrency payment processor Bitpay has revealed that it is phasing out its Wave Crest-issued Bitpay card and associated services. As you know, your Bitpay card’s issuer Wave Crest Holdings Ltd. stopped providing service for your Bitpay Card as of October 2017 or January 2018, explains Bitpay.
Bitpay adds: We are now working to sunset Bitpay accounts related to the Wave Crest-issued Bitpay card in 30 days, we will be turning off access to your Bitpay card dashboard. If you need to store your card’s transaction data for any purpose, please export your transaction data before your card dashboard access ends on October 31st, 2018.
The Need for More Crypto-to-Debit
European Bitpay card users will need to use another card provider if they haven’t already switched over the last 6 months. Right now residents can use popular crypto-card issuers such as Revolut, and Wirex for their crypto-to-debit needs. Moreover, there are some new crypto-to-debit card startups entering the space that plan to provide these services for European customers.
The arrival of crypto-debit cards has made it easier for digital asset enthusiasts to invest their coins but the system is still tethered to the traditional financial network. Additionally, former Bitpay cardholder can access a guide to extracting a CSV files that contain all of the user’s transactions for record keeping and tax purposes. In many ways, the model is still dealing with a fiat exchange and trading those coins for the user’s purchases.