Visa Cuts WaveCrest

Many users who have been looking forward to spending their newfound cryptocurrency based fortunes via a Visa backed debit card such as CryptoPay, Bitwala, TenX, Wirex and others, will be very disappointed to learn that they won’t be buying coffee with their crypto anytime soon.

Cryptocurrency debit cards using the company called WaveCrest, have ceased working today as the company ended its relationship with VISA.

Before you get too concerned though, the move is apparently the result of a crackdown against the WaveCrest company, for being naughty and repeatedly violating Visa’s policies.

Here’s what VISA had to say on the matter:

We can confirm that WaveCrest’s Visa membership is being terminated due to continued non-compliance with our operating rules. All of WaveCrest’s Visa card programmes will be closed as a result.

Visa has other approved card programmes that use fiat funds converted from cryptocurrency in a number of jurisdictions. The termination of WaveCrest’s Visa membership does not affect these other products.

The news was of course shared on Twitter by crypto card companies linked with WaveCrest.

We have published more information about the recent Wave Crest decision that affects Bitwala prepaid cards https://t.co/wHMMNvq9Je pic.twitter.com/DjQlKQtMJe

— Bitwala (@bitwala) January 5, 2018

This may look like the banks are trying to stop cryptocurrencies from going mainstream. But it’s actually just a small and temporary setback. In the long run, the idea is of course to circumvent the banks entirely. So no matter what VISA may or may not do, it’s just matter of time, before we can buy Lambos directly with crypto with instant transactions and zero fees 😉