CEX.IO details new crypto-based debit card service

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Jun 25, 2021
  • Clients of the new CEX.IO platform will be able to purchase crypto without losing time in transfers.
  • The main settlement currencies of the debit card will be GBP, EUR, and USD.
  • FIS will serve as processing partner.

CEX.IO has partnered with Fortune 500 company Fidelity National Information Services Inc (NYSE: FIS) to introduce a crypto-based debit card service. Soon, clients of the platform will be able to purchase crypto without losing time due to transfers between the crypto and conventional finance industries. They will also be able to do this in their local currencies, according to a press release obtained by Invezz.

CEX.IO: ‘simplify our business operations’

Fintech giant FIS is cooperating with CEX.IO to launch the new service. FIS acts as a payment services provider and specializes in credit and debit card processing and other financial services to institutions and merchants. The company oversees more than 79 billion transactions across 20,000 clients who combine for $10 trillion worth of transactions.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

FIS will serve as a processing partner within the framework of this cooperation. CEX.IO Executive Director Konstantin Anissimov stated:

We are delighted to launch our new crypto-based debit card service in partnership with FIS. As a trusted and reliable financial technology provider, FIS has extensive expertise and industry know-how. We will leverage these advantages to simplify our business operations and offer best acceptance rates with worldwide coverage to our customers.

Debit card details

At first, the main settlement currencies of the debit card will be GBP, EUR, and USD. Most crypto and fiat assets will be available on the platform to be used in the future. Millions of merchants around the world will accept the new card which will first be offered to clients in the UK and Europe. Transactions will be immediate and easy to carry out, as if the client were paying with an ordinary debit card.

Customers are looking for simple and convenient ways to pay using crypto as cryptocurrencies continue to gain mainstream adoption Kelly Beatty, Head of Payment Solutions at FIS, said in the press release. There is great interest in making crypto-based purchases using traditional financial products like debit cards. Beatty also stated:

We’re delighted to expand our relationship with CEX.IO to help them provide exciting new card options to their customers and support their continued growth,

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money