Bitbank, a Japan-based cryptocurrency exchange, has launched a new credit card service that allows users to pay for their purchases directly with crypto assets. According to the company, the Visa card, called “EPOS Crypto Card for Bitbank,” is the first of its kind in the country.
The new product was developed in collaboration with EPOS Card. This system allows users to automatically pay for their credit card purchases with crypto assets held in their exchange accounts. Initially, this feature will be limited to Bitcoin. However, the company stated that it is considering integrating more crypto assets into the system in the future.
Another important feature offered by the card is the “crypto cashback” system. Users can earn rewards equivalent to 0.5% of their monthly spending. These rewards can be in the form of various digital assets such as Bitcoin, Ethereum, or Aster, and will be transferred directly to their Bitbank accounts.
This development is seen as a significant step towards expanding the use of crypto assets in daily financial transactions. In markets with advanced crypto regulations, such as Japan, the adoption of such products could contribute to the growth of the sector.
On the other hand, Binance had previously made a similar move. In January, the company launched its “Binance Japan Card” in Japan, offering users the opportunity to earn BNB from their spending. These developments demonstrate the rapid spread of crypto-backed payment solutions on a global scale.
*This is not investment advice.
