Cryptocurrencies
Crypto Card Issuer Ternio Joins Visa’s Fast Track Program
Visa’s Fast Track program has found its newest participant: blockchain card issuer Ternio. By partnering with Visa, Ternio says it will be able to make it even easier for other FinTechs to introduce “crypto-friendly payment experiences.” This is to say that customers will be able to manage and even earn cryptocurrencies while still utilizing fiat payment options — including the ability to use their Ternio-powered cards wherever Visa is accepted.
Ternio already supports some cryptocurrency-minded cards. For example, its BlockCard platform is behind the Litecoin debit card, which allows users to deposit and convert various cryptocurrencies into Litecoin that can then be converted to fiat currencies in order to make purchases. At this time, both the regular BlockCard and the Litecoin card offer free virtual cards, while a plastic card will cost users $10 (a metal version of each card is listed as “coming soon”).
In a press release announcing the partnership with Visa, Ternio co-founder and CEO Daniel Gouldman stated, “Ternio is the leader in white-label technology for companies in the cryptocurrency space and we’re thrilled to deepen our partnership with Visa to further drive interoperability between blockchain and legacy financial systems. By becoming part of Visa’s Fast Track program, Ternio will be able to further accelerate and scale our existing Visa card programs while simultaneously offering a suite of additional services.”
Meanwhile, Visa’s Global Head of FinTech Terry Angelos welcomed the company, saying, “We are excited to partner with Ternio as a cryptocurrency-focused enablement partner that can help FinTech of all sizes access the reach, scale and security of the Visa network.” Angelos added, “Ternio’s focus and expertise in the crypto ecosystem will help Fast Track companies focused on digital currencies to quickly and easily access Visa’s platform and its scale. We have strategically evolved both our platforms and how we work with partners and customers to encourage a broadening fintech ecosystem. Our work with Ternio is a stepping stone in that evolution and we look forward to further supporting them on their journey.”
Ternio is just the latest FinTech to join Visa’s Fast Track program since it launched stateside in August of 2019 (it debuted in Europe, Africa, Asia Pacific, Latin America, and the Middle East prior to its arrival in the U.S.). Other notable participants include mobile-only banking service Oxygen, automated transfer app Astra, and others. Additionally, in the cryptocurrency world, the Bitcoin rewards platform Fold is in the process of launching its first debit card after joining Fast Track back in April.
While Ternio isn’t the first company to integrate cryptocurrencies and blockchain into more traditional payment tools such as debit cards, their partnership with Visa shows how these technologies are becoming more mainstream. Additionally, as the company mentions, their participation in the Fast Track program will also make it easier for fellow FinTechs to create their own crypto-enabled card products. Seeing as debit cards have already been a popular expansion tool for startups, it only stands to reason that adding cryptocurrency capabilities would be the next step. If so, perhaps this could help spur the evolution of crypto from hot investment to actual, spendable currency.
