Solana-based crypto wallet Phantom has begun rolling out its prepaid Visa debit card tied to Phantom Cash in the United States. Phantom said early access starts this week through a waitlist, with international expansion planned later.
Solana-based crypto wallet Phantom has begun rolling out its prepaid Visa debit card tied to Phantom Cash in the United States. Phantom said early access starts this week through a waitlist, with international expansion planned later.
According to Phantom’s announcement, its debit card users can spend on-chain stablecoins directly through Apple Pay and Google Pay, marking a key step in the effort to promote cryptocurrency adoption by turning the crypto wallet into an everyday app.
In the meantime, Phantom confirmed the structuring of its debit card rollout process in phases, beginning with a waitlist limited to U.S. users, with international expansion imminent.
It is worth noting that the Phantom Cash debit card is a prepaid Visa card that will allow users to spend directly from their Phantom Cash balance. Meanwhile, is a U.S. dollar-pegged stablecoin that runs on the Solana network.
Initially, Phantom Cash users will receive a virtual card that they can use on Apple Pay and Google Pay for contactless payments, while Phantom will roll out the physical cards at a later stage.
The transaction process using the newly launched Phantom Cash debit card involves converting the on-chain stablecoin balance into dollars within the app at the point of sale when making purchases. This experience will be similar to using a regular debit card, considering that users don’t have to manually sell cryptocurrency or preload a separate balance before making purchases.
Other features integrated into the Phantom Cash debit card include identity verification requirements, which unlock additional features, such as direct bank transfers and seamless on and off-ramps.
Meanwhile, Phantom clarified that it is not a bank, noting that it is Lead Bank that issues the prepaid Visa card, which is managed by Bridge Ventures, with the potential of fees that may apply depending on usage.
