Voyager Digital launched the USDC-linked debit card in an attempt to attract a broader customer base with annual rewards.
Voyager Digital, a crypto-active commerce app, is launching a USDC-linked debit card, according to reports. Additionally, Voyager Digital says that this USDC-linked debit card will pay up to 9% in annual rewards to its customers.
However, eligibility to qualify as a beneficiary requires clients to maintain USDC assets of at least $100. In addition, Voyager Digital will disburse bonus payments on a monthly basis, but USDC holders will receive the percentage back in one fixed amount annually.
Payment in USDC will be deposited into users’ Voyager accounts based on average monthly balances. According to Voyager Digital, it has around 2.7 million registered users and has also recently surpassed 1 million in funded accounts.
Voyager Digital has also announced that members of the Voyager Loyalty program can gain even more benefits. This can be as high as 10.5% on USDC and depends on the membership level in question.
On the USDC-enabled debit card, Voyager chose Metropolitan Commercial Bank, a full-service commercial bank based in New York, to be its issuing partner. In addition, the payment data systems platform Usio will be the manager and processor of the card program.
Voyager Digital’s CEO sheds more light on the development of the USDC card.
Steve Ehrlich, Executive Director and Founder of Voyager Digital gave his views on the development. In an interview with CoinDesk, Ehrlich stated that linking the card with USD Coin, as opposed to BTC or ETH, is a more attractive prospect. He said this in reference to the company’s target consumer base, adding that it also provided a more transactional approach. Ehrlich also suggested that many consumers are looking to keep crypto rather than trade or transact it. This is because they see digital currencies as a long-term perspective, with the potential to generate even more value for those who are patient with them. As Ehrlich said, “cryptoactives for everyone is how we like to portray ourselves“.
Ehrlich also stated that Voyager Digital will launch a similar product in Europe sooner or later. For now, the company remains committed to focusing on the successful implementation of the USDC card in the domestic market, given its customer base in the United States. Earlier this year, in August, Voyager acquired Coinify, a crypto payment company, for $84 million.
Currency in USD.
USDC is a stablecoin pegged to the US dollar price and is trackable on the blockchain. Essentially, USDC’s goal is to speed up transactions while making them cheaper than traditional payment methods.
MoneyGram recently announced a partnership for instant USDC money transfers on Estelarblockchain. According to the announcement, by 2022, there will be a refurbishment of the ledger-based stablecoin bridge between fiat and crypto. According to the President and CEO of MoneyGram, the partnership will be different from Ripple, which uses ODL.