The fintech expects its prepaid debit card product to launch in the U.S. in Q1 2022.
Embily USA, the American arm of European fintech company Embily, has joined Visa’s Fintech Fast Track program. Embily’s refillable debit card, which can be topped up with bitcoin and used to pay for goods and services worldwide, will launch in the U.S. next year.
“By joining Visa’s Fast Track program, exciting Fintechs like Embily USA gain unprecedented access to Visa experts, technology, and resources,” said Terry Angelos, SVP and Global Head of Fintech at Visa, in a statement sent to BitcoinLinux. “Fast Track lets us provide new resources that rapidly growing companies need to scale with efficiency.”
The move will grant the firm access to Visa’s payment network and enable faster onboarding times, expediting the scaling of its business model.
“This card is currently available to almost every country except the U.S.,” Joe Sasenick, CEO of Embily USA, told BitcoinLinux. “We have a euro Embily card that serves almost every part of the world and a couple more entities we are building out to provide this service for as many countries as possible. Embily USA, Inc. expects to have a product fully launched in Q1 2022.”
Embily will be available to U.S. customers as a physical or digital prepaid card that can be loaded with bitcoin and other cryptocurrencies. The funds are then liquidated using a third-party exchange, after which they are ready to be spent anywhere Visa is accepted, online and offline. Users can also withdraw cash from any ATM with their debit card.
Sasenick declined to comment on which third-party exchange his company uses, saying it comes down to the one that “has the most liquidity.”
“I don’t want to breach any security protocols by answering in detail the money flow and who we use, but it is one or more exchanges that have a neutral or positive reputation in the space,” Sasenick said. “We will be happy to announce once things are finalized.”
Sasenick said he joined Embily after connecting with founder Alexander Bychkov as a customer. He got on board as the company’s partner in the U.S., ultimately leading Embily’s expansion to the country as the CEO of Embily USA.