While the rest of the crypto space is struggling to survive the current bear market, some institutional players are seizing the opportunity to boost their presence in the industry and offer more crypto-related services to their customers. The world’s largest payments network Visa has launched an exclusive VIP crypto credit card called ‘bitcoinblack’ in the United Arab Emirates.
According to a Sunday press release, the card was first launched in 2021 and is available by invite only to just 10,000 individuals around the world. Holders will be able to convert their Bitcoin and other major cryptocurrencies into spendable cash.
As per announcements, an invitation to join the exclusive club can be requested via the bitcoinblack website. Furthermore, the card is secured by the holder’s digital assets and offers premium perks such as a no-spend limit in places where Visa is accepted. Commenting on the new product, bitcoinblack CEO Prakash Chand said:
People with incredible wealth in crypto needed a way to spend their crypto easily and be rewarded for it. (…) bitcoinblack is perfectly suited for high networth individuals who want to use their crypto for business or pleasure wherever they are in the world, including the 140+ countries where Visa is accepted.
He asserts that the card is straightforward to use. According to him, “all members need to do is simply load up their crypto through the web app or soon-to-come secure bitcoinblack wallet app, and they’re instantly empowered to spend their crypto with the best conversion rates and high limits.”
Another element of exclusivity that the product brings to its holders is the ability to spend token rewards on various luxury items in bitcoinblack’s Haute Living Luxury Marketplace, “a curated online boutique that includes luxury watches, purses, cars, charter jet deals, private mansion access and more,” set to launch soon.