The new payment platform being developed by Blade Financial is targeting the now-emerging market of Bitcoin debit cards, says CEO and former AmEx manager Ed Boyle.
Founded in 2014, Blade Financial intends to offer payment services to cryptocurrency companies and start-ups willing to enable their customers to use debit cards, but having neither the resources nor the capacity to launch their own solutions. Previous attempts to introduce Bitcoin cards proved problematic for some start-ups, and Blade Financial sees a great opportunity in their entrance to the market.
Ed Boyle, who previously held the position of the General Manager of the Prepaid Card Business at American Express, says Blade Financial team is well experienced in launching similar products, and hopes the market is interested in such solutions.
According to Boyle, for many companies engaged in offering any services involving cryptocurrency payments in both regional and global markets, the process of issuing debit cards is fraught with all sorts of difficulties, primarily, legal issues and legal compliance. Boyle, however, is confident in his team’s success, considering their experience.
While the project is still taking shape, Blade Financial is engaged in developing effective API solution to establish data exchange between Bitcoin companies and debit cards issuers – with its help, banks will eventually be able to receive Bitcoin transactions data. The negotiations with potential partners, as well as the process of selecting the card provider, are still underway.
Boyle explains that bank cards are popular for storing and sharing funds, which means Bitcoin debit cards can become a convenient means of promoting BTC.
Blade Financial plans to start offering their services in the area of B2B Bitcoin payments in early 2015.