A news report from the US confirmed that a new digital wallet is going to be launched very soon. It has been told that the famous mobile app called ZenGo had developed its own digital wallet. From ZenGo’s digital wallet customers can buy and sell cryptocurrencies of their choice.
Regarding further details, ZenGo has stated that its digital wallet will be available in the shape of a Visa debit card. It stated further that for the time being the card can be functional all across the US only. However, the app operator told that if the project was successful then they will ensure its functionality in other countries too.
This is however not the first time that someone had developed a visa card for crypto purposes. In fact, there are many such crypto-powered visa cards available in the US. Also, there are dedicated ATMs installed for the purpose. Just a week ago, Coinbase had also announced that it has expanded its visa card functionality into US as well.
But the good thing about ZenGo’s digital wallet is that it is a non-custodial wallet. This means that the ultimate handler of crypto assets is the one in whose name the card has been issued. Other than that person, no third party crypto handler had been involved.
For instance, the visa card provided by Coinbase is a third-party custodial wallet. This would mean that the owner will have to transact crypto through Coinbase. In that case, the card-holder will be buying or selling crypto through Coinbase. The same principle will apply to withdrawal in which case card-holder’s crypto will be lying with Coinbase.
In its pursuit of launching the crypto-powered visa card, ZenGo is in negotiations with US Visa company. ZenGo wants to launch its visa card under Fintech Fast Track option of Visa. An official of ZenGo has also informed that the visa card will be available in the start of 2021.
For initiation of the project, ZenGo had entered into partnership agreements with Coinmama and Moonpay.
A similar visa card was earlier launched by Coinbase for the use by customers based in Europe and the UK.