Bankera ICO – “We are not affected by Visa crypto crackdown”

Bankera ICO – “We are not affected by Visa crypto crackdown”

The project team at Bankera have released a statement confirming that they are still continuing with its original plans to roll out a crypto-backed, pre-paid debit card.

In the statement, Bankera indicate that they are implementing a contingency partnership – full details of which currently remain undisclosed – and therefore plans to continue with its original road map. 

The currently running ICO – which is seeking to finance a range of crypto-backed banking services – had become the object of investor concerns after it emerged that its debit card services were being provided by WaveCrest, a global digital payments platform whose own partnership with Visa was abruptly ended late last week. 

Visa Cancellation “Nothing to do with Cryptos”

Until last week, WaveCrest had been acting as the formal provider of a number of crypto-backed debit cards currently on the market.

Visa, however, appeared to have put an abrupt end to their partnership late last week, with some commentators expressing concerns that this was a deliberate move by the world’s largest payment processor to choke crypto-backed banking services which may emerge as a serious threat to its own business model. 

According to a Visa spokesman, however, the partnership with WaveCrest was ended as a result of a series of non-compliance issues. Scepticism appears to persist in some quarters in relation to the claims. 

A number of crypto-card providers were impacted last week as a result of the Visa/WaveCrest announcements, including CryptoPay and BitWala, both of whom apologised to their clients whilst providing assurances that the funds associated with their accounts are not impacted by the move. 

Whilst crypto-backed debit cards represent a tiny fraction of the number of overall debit cards in circulation, their numbers have experienced explosive growth over the last twelve months, with at least three dozen platforms now offering the facility.