Blade Financial, a new payment processing platform, is seeking ways to capitalize on the budding demand for bitcoin-powered debit card solutions.
Blade Financial is planning to direct its service to the crypto currency companies which want to offer customers with debit card services but do not have the resources or abilities to launch a product.
Some of the bitcoin companies have tried to implement such products but it only does not appear very successful so far.
For Blade Financial, which was founded in February, this track record is a huge opportunity. In an interview, the company’s CEO Ed Boyle explained that their team has years of experience in this sector.
The firm has launched such products before and now they are hopeful that they can use their expertise to offer debit cards to an industry which is very interested in a solution like this.
Ed Boyle has served as the general manager for the prepaid cards unit of American Express before. He stated in the interview that Boyle noted that issuing a debit card brings an array of complications for many digital currency companies.
The cross-jurisdictional legal and compliance obstacles are the main issues that hinder them during the process.
The American Express veteran explained that any firm would have to find out about the bank partner and the laws in the related countries. He also thinks that multiple companies trying to find the solution separately make no sense.
Boyle proudly mentioned that his Blade team has the competency to solve the challenge. He said the company’s expertise in payments solutions and card products is what puts them in a position to overcome all the hurdles.
The project is not ready yet. It is still taking shape and according to Boyle, the system creates layer for data transaction in between the bitcoin company and the card issuer by using a custom API.
Boyle said that the selection process for card networks is ongoing and conversations with potential customers are being conducted.
The banks work directly with the payment networks and technology companies like Blade provide connectivity between the banks and bitcoin companies.
The Blade system offers a way for the banks to understand transaction data denominated in bitcoin.
This makes processing trading requests, providing connectivity, settlement instructions and many other mechanisms to be paid for using a credit card network made for fiat currency.
Boyle thinks of the new venture as a global approach to build customer base.
Boyle spoke very positively that his company’s approach will definitely solve problems and make profit from the existing demand for such services.
He explained how the debit cards have become a facilitator for storing and exchanging value. This makes the cards a common tool for sending bitcoin in people’s hands and to spread broader adoption.
He thinks that the root of the problem is that there aren’t enough merchants and customers who use bitcoin. The debit card solution will definitely attract more people to the bitcoin world.