Coinmotion launches crypto debit card to give everyday utility to crypto investments
This Finnish cryptocurrency service provider becomes the first Nordic-based company to launch a crypto debit card connected to the Mastercard payment system.
Coinmotion, a Finland-based cryptocurrency service provider that makes investing in cryptocurrencies easy and secure, has announced the launch of its Coinmotion Prepaid Debit Card to allow users to use their cryptocurrencies for everyday spending.
As the first Nordic service provider to launch a debit card for utilizing fiat money converted from cryptocurrencies, Coinmotion’s card benefits from Mastercard’s worldwide acceptance network, meaning it can be used anywhere in the world where Mastercard is accepted, including online.
“Cryptos have sometimes been criticized for their lack of everyday utility as the acceptance of them by stores is not yet widely spread. So we wanted to create an option that lets you use your crypto holdings, once converted to fiat, to pay for your groceries at the supermarket or make ATM withdrawals, just like using your regular bank card. Unlike bank savings transfers which can take up to one day, when you sell your cryptocurrencies on Coinmotion, you can use the euros from any of your wallets instantly,” says Heidi Hurskainen, CEO of Coinmotion.
The Coinmotion Prepaid Debit Card is available to users residing in Austria, Belgium, Finland, France, Germany, Ireland, Netherlands, Spain, Sweden, and the United Kingdom. The card will be available for the rest of the EEA countries in the near future.
The company creates a trustworthy environment for its clients to manage their wealth that’s just like doing business with their bank – making it a simple, safe, and secure way to invest in crypto. Coinmotion is subject to the supervision of the Finnish Financial Supervisory Authority and is subject to customer identification requirements. It is one of the few regulated cryptocurrency entities in Europe with a payment institution license and a virtual currency service provider status.
According to Finland's Tax Administration, around 150,000 people declared income in cryptocurrencies last year – a significant increase from 2020 when only 3,400 people declared income in crypto.
“Interest in cryptocurrencies is currently taking off in an unprecedented way. We want to help people consider crypto as a financial opportunity that’s safe and easy to use. The perception of cryptocurrencies sometimes gets marred by a few bad actors, but realistically it can be as easy and secure as doing business with your bank,” continues Hurskainen.
The benefits of using crypto debit cards also extend to users who need to abruptly move abroad, where it can be difficult to open a bank account or access their funds from their home country’s centralized bank. This allows people the opportunity to be in control of their own financial well-being.
Founded in 2012, Coinmotion grew by 458% and 404% in revenue and trade volume respectively in 2021, cementing it as a cryptocurrency leader in the Nordics. The company has plans to develop a crypto collateralized loan service that enables users to put their crypto assets up as collateral for a fiat loan.
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For additional information:
Media kit with pictures
Press contact
Heidi Hurskainen, CEO
Coinmotion
Niklas Sluijter, Chief Marketing Officer
Coinmotion
About Coinmotion
Established in 2012, Coinmotion company eases the adoption of cryptocurrencies so that people can be financially empowered and free. Coinmotion creates a trustworthy environment for our clients to manage their wealth that’s just like doing business with their bank. For more information, visit coinmotion.com.
