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- ZenGo, a cryptocurrency app, joins the Visa Fast Track program.
- Allow users to spend cryptocurrencies at any VISA merchant and withdraw from supported ATMs.
Crypto wallet management company ZenGo announced Tuesday that it has joined the VISA Fast Track program. Following the partnership, ZenGo will begin offering users in the United States VISA debit cards, enabling them to spend cryptocurrencies at millions of VISA merchants and withdraw at supported ATMs.
The cryptocurrency provider is joining a stream of payment companies, including PayPal, Square, Coinbase, and Paxful, with the aim of pushing for cryptocurrencies in daily payments. The company enters the debit card space – joining Coinbase, which recently announced their rewards card, and Binance – in a race to push for cryptocurrency adoption.
Unlike the rest, ZenGo offers its users an unattended wallet, which leaves the user’s safety. Exposing the benefits of ZenGo’s unsecured wallets, ZenGo CEO Ouriel Ohayon said:
“Those other offers are just a half-vanilla taste of what cryptocurrency is because they allow you to hold a bill of exchange on one cryptocurrency only.
This is the only one that is tied to a user-controlled wallet where users are in control of their funds and the funds are chained. “
However, the improved self-custody measures make it difficult and complicated to send and spend cryptocurrencies from your wallet, hence the launch of the VISA wallet. ZenGo users will need to convert cryptocurrencies from their wallet and deposit to their debit card before using it for payment. Regular users can also set a fixed amount to convert each week and deposit to their debit card.
“The problem with doing it automatically like Coinbase is that you can’t choose which cryptocurrency you want to use for spending,” Ohayon said.
“They decide for you or force you to make a choice once and for all about your transactions.”
ZenGo uses Multi-Part Computing (MPC) techniques to protect its users’ accounts, passwords and private keys by splitting the long alphanumeric cryptographic code. This also helps in transactions, saving senders from typing long wallet addresses or remembering passwords.
ZenGo’s VISA debit card is expected to launch early next year in the US with plans to launch in other countries as well. ZenGo aims to offer users a convenient, secure and scalable way to spend cryptocurrencies without hassle. Ouriel added,
“We have real estate agents who are paid in cryptocurrency; we have photographers, DJs, freelancers of all kinds. Those guys want to be able to spend it. “
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