Bitpay Ceases Prepaid Mastercard Program, Promises Enhanced Card Service in the Future

Cryptocurrency proponents successful the United States are facing expanding challenges erstwhile it comes to utilizing integer assets for expenditures. Several crypto companies person encountered difficulties successful securing banking partners. This week, Bitpay, a salient subordinate successful the crypto payments sector, made an announcement regarding the termination of its existent Bitpay prepaid Mastercard program. This determination follows the extremity of its concern with Metropolitan Commercial Bank.

Crypto Payment Giant Bitpay Ends Prepaid Mastercard Program

Bitpay, the Atlanta-based crypto payments company, has made the determination to halt its prepaid Mastercard program, rendering the paper unusable for Bitpay Mastercard holders aft the specified deadline. Breaking the quality done a bid of informative tweets connected May 18, 2023, Bitpay besides notified cardholders via email. Urging users to promptly terminate immoderate recurring payments linked to the prepaid card, the institution has acceptable June 1, 2023, arsenic the last time for paper loading.

We’ve seen immoderate blistery takes since announcing our abbreviated modulation play for the BitPay Card and privation to marque 1 happening clear: we’re not going away, conscionable taking immoderate clip to alteration banks and heighten the paper program.

More details successful the thread pic.twitter.com/HeuGZIlst1

— BitPay (@BitPay) May 18, 2023

Bitpay has announced that the card’s last time of usability is scheduled for June 15, 2023, aft which it volition cease to function. On January 9, 2023, the crypto assemblage received quality regarding Metropolitan Bank’s determination to discontinue its engagement successful crypto-asset-related endeavors. At the time, Metropolitan revealed that it serviced “four progressive organization crypto-asset related clients,” collectively contributing astir 1.5% of full revenues and 6% of full deposits.

When Bitpay took to Twitter to stock the update, it assured its users that a revamped paper work volition marque a comeback aboriginal this year. Although the existent concern whitethorn beryllium seen arsenic a impermanent setback, the institution expressed its committedness to relaunching the Bitpay Card with enhancements done a caller banking partner. While June 15 marks the last time to utilize the paper for transactions, immoderate remaining balances volition beryllium refunded. Within 30 days, users tin expect to person a reimbursement successful the signifier of a insubstantial cheque mailed to the code associated with their Bitpay Card.

“We volition stock further details regarding the caller paper program, including caller features, shortly,” the company’s email connection detailed. “These changes volition necessitate a abbreviated modulation play successful which your existent paper volition go inactive. As a cardholder, you volition automatically beryllium enrolled connected the waitlist for the caller program,” the crypto payments company’s paper update concluded.

What are your thoughts connected the challenges faced by cryptocurrency companies successful accessing banking services? What bash you deliberation astir Bitpay shutting down its existent prepaid Mastercard program? Share your thoughts and opinions successful the comments conception below.