Coinmotion Releases Prepaid Crypto Debit Card in Select Countries

Coinmotion, a Finland-based cryptocurrency service provider, said on Thursday that it had launched its Prepaid Debit Card, allowing users to use cryptos for daily spending.

According to the press release, Coinmotion’s card is the first Nordic service provider to launch a debit card for using fiat money converted from cryptocurrencies, and it takes advantage of Mastercard’s worldwide acceptance network, so it can be used anywhere Mastercard is accepted, including online.

Users residing in Austria, Belgium, Finland, France, Germany, Ireland, Netherlands, Spain, Sweden and the United Kingdom can apply for the Coinmotion Prepaid Debit Card. Soon, the rest of the EEA countries will be able to access the card.

Last year, around 150,000 people declared cryptocurrency income to Finland’s Tax Administration, a substantial increase from 2020 when only 3,400 people did so. “Cryptos have sometimes been criticized for their lack of everyday utility as the acceptance of them by stores is not yet widely spread. So, we wanted to create an option that lets you use your crypto holdings, once converted to fiat, to pay for your groceries at the supermarket or make ATM withdrawals, just like using your regular bank card. Unlike bank savings transfers which can take up to one day, when you sell your cryptocurrencies on Coinmotion, you can use the euros from any of your wallets instantly,” Heidi Hurskainen, the CEO of Coinmotion, commented.

She added: “Interest in cryptocurrencies is currently taking off in an unprecedented way. We want to help people consider crypto as a financial opportunity that is safe and easy to use. The perception of cryptocurrencies sometimes gets marred by a few bad actors, but realistically it can be as easy and secure as doing business with your bank.”

In April, Nexo unveiled the Nexo Card, its first crypto-backed card powered by Mastercard in select European markets. The company partnered with both Mastercard and DiPocket to give its users access to crypto-powered liquidity across 92 million merchant sites worldwide.