Crypto exchange Blockchain.com reportedly forged an alliance with Visa to release a crypto card, solely to U.S. residents at first, for crypto-enabled payment or cash balance wherever Visa debit cards are accepted. 

Specifically, Blockchain.com reportedly shared that the development would come with no sign-up or annual fees, no transaction fees, and users would earn 1% of all purchases back in crypto.

“There’s still a lot of demand for crypto products, but you’re seeing that demand shift away from trading and more towards folks that are interested in using DeFi, using their balances.” Blockchain.com CEO Peter Smith further revealed the card already had 50,000 signed onto a waiting list. 

After the announcement surfaced, Visa’s head of crypto, Cuy Sheffield, additionally stated that acceptance throughout the globe is required for crypto adoption to carry on its development rate.

The card will be functioned by California-headquartered payments firm Marqeta, which offered assistance in building crypto finance entity Swipe’s crypto visa card in September two years ago.

The announcement follows updates revealing Visa’s decision to team up with crypto exchange FTX to jointly roll out a debit card across 40 nations on October 7.

On Oct. 25, Visa’s primary rival Mastercard reportedly entered a strategic alliance with BitOasis, the leading crypto platform in the Middle East and North Africa (MENA), to release a series of crypto card programs built with a goal of supporting the adoption of digital assets in the region.

BitOasis clients will have the ability to connect their wallets to the new card and convert crypto into fiat to enable the use of Mastercard’s global merchant network, with the card expected to launch in early 2023.