Underground bitcoin vaults maker, Xapo, introduced the first bitcoin debit card on Thursday as part of its initiative to bring the virtual currency to more consumers. Xapo founder and CEO Wences Casares said the Xapo Debit Card will be linked to the Xapo Wallet and users will be able to use it to make purchases like a traditional debit or credit card.
Wences Casares, founder and CEO of Xapo said the Xapo Debit Card works like a traditional debit card and it will allow users to spend their bitcoins at any online or offline retailers accepting debit or credit cards. According to him, merchants will receive funds in their local currency.
At present, Xapo is offering a vault for people to safely store their bitcoin and a wallet, which allows users to make purchases or transfer money. The Xapo debit card is automatically linked to a user’s Xapo wallet.