After getting the Japan bitcoin interchange license, bitFlyer, the largest bitcoin exchange in Japan publicized on Friday the launch of its Yen ruled Bitcoin Visa Prepaid Card. From October 6th, customers were able to apply for the card. For this card, there is no sign-up fee as well as no annual fee according to the bitFlyer website. A customer can refill that card from BitFlyer account online or use the bitFlyer mobile app. The balance will be shown in Japanese Yen. The monthly reload limit is 1, 20,000 Yen and per load limit is 30,000 Yen. The lifetime load limit per card is around 1 million Yen.
To commemorate the event, Bitflyer is directing a drawing to give away gifts to 1,000 “Trade Class” customers who have signed up with complete transactions between October 6 and October 22. Bitflyer has two account classes; the Wallet Class and the Trade Class. Wallet Class users are not qualified to purchase or sell digital currencies.
The introduction of the bitcoin Visa prepaid card was made possible by the partnering of bitFlyer with Vandle Card, which issues Visa prepaid cards and is a product of Kanmu Inc. and Orico Corporation.
Though there is neither a sign-up fee nor an annual fee to use the cards, there is a limit regarding exactly how much users can load onto their cards: users cannot load more than 30,000 yen (about $226.27) at a time, and no more than 120,000 yen ($905.10) a month. Furthermore, there is a lifetime load limit of 1 million yen ($7,542.48) per card, whose balance cannot exceed 100,000 yen ($754.25), and each card expires after only 5 years.
Japan’s largest bitcoin exchange by volume, Bitflyer, has launched its own reloadable Visa prepaid card. Customers can fund them using bitcoin through Bitflyer or other bitcoin wallets. The exchange is also giving away gifts to 1,000 customers during the launch period.
The application period for the card, however, is quite short, according to bitFlyer’s website. It began on October 6, 2017, and will end on October 22, 2017. Applications for the card must be submitted via the Vandle Card website.
The advent of bitFlyer’s bitcoin Visa prepaid card may signal a turning point in the East Asian bitcoin community: until now, cryptocurrency in East Asia has served less as a means of exchange and more as a trading asset, as previously reported by Bank Innovation.
Though purchases made using the bitcoin Visa prepaid card will technically be made with Japanese yen, and not with bitcoin, the card makes the act of translating bitcoin into a government-backed currency much easier.
This is not the first bitcoin Visa prepaid card in the global market. BitPay, an Atlanta-based bitcoin payment service company, announced earlier this year that its own bitcoin debit card will be able to be used in more than 131 countries around the world.
“The bitFlyer prepaid Visa card will allow even more Japanese consumers to interact with Bitcoin in a convenient and frictionless manner,” Ringwelski told CalvinAyre.com.
BitFlyer has yet to confirm if the Visa prepaid card will also be making its way to the United States. The Tokyo-based cryptocurrency exchange, which has opened an office in the financial district of San Francisco, is eyeing to start its U.S. operations by the fall of 2017.
BitFlyer said it will initially offer Bitcoin-to-USD trading for “professional traders and institutions” in the United States when it launches, but there are plans to expand the operations to support other trading pairs and products.
Using a prepaid visa is much more convenient than sending bitcoin to an address paying a transaction fee and waiting for it to confirm. I can’t speak for the bitflyer credit card, but there’s no fee extra fee for loading the BitPay card, and I don’t see a reason to load more than you need if you plan on using it. Hopefully, this will change with lightning and transactions will be faster and more convenient than a card.This article was written by: