Posted 2 years ago | by Ben Armstrong
New Startup Bitsa Adds XMR Support to Its Prepaid Card
Italy’s new crypto-powered debit card supplier Bitsa has partnered with Monero (XMR), the major privacy-focused altcoin to expend its prepaid card. The Bitsa card launched in Q3 2019 and supports a total of 12 cryptocurrencies like Bitcoin (BTC) alongside EUR bank transfers and payments.
According to a recent announcement from Bitsa, the company unclocked “all types” of XMR-based card transactions in physical stores and online, including card-to-card transfers and Monero conversion to euro (EUR) by enabling Monero support on its Bitsa Card.
Bitsa is Building a New Network
Bitsa Card may be be the first prepaid crypto card to have enabled privacy-oriented cryptocurrency Monero by some online users. According to the company's CEO. Vaello, this addition is in-line with the company's mission to enable more funding methods.
“We do not know 100% if we are the first card to support Monero, but we are definitely ones of the first and at least the only one fully functional. Our idea is to make Bitsa recharged with as many funding methods as possible.”
A Safe Way to Pay
Bitsa also highlighted in the announcement that Monero’s transactions cannot be traceable due to its anonymous nature.
From the company:
“While the vast majority of cryptocurrency transactions are verifiable and traceable by anyone, the addresses (sender and receiver) and the amounts sent are hidden in Monero. Therefore, since there is no trace due to its high privacy, it is impossible to distinguish these tokens.”
Vaello noted Bitsa Card issued about 30,000 prepaid cards since the launch, and is expecting to have more than 150,000 users in 2020. With a headquartered located in Monaco, Bitsa is providing both a card and full electronic account that allows its users to transfer funds and pay for services in countries in the Single Euro Payments Area (SEPA).
Growing a Good Business Across Europe
Vaello is also CEO of a similar Spanish financial service, Bitnovo. The CEO asserted that Bitsa is operating in compliance with major European laws like the European Union’s Anti-Money Laundering Directive (5AMLD), which came into effect in January 2019.
However, he also noted that some countries like Spain haven’t adopted the new law and it will take a long time to make sure EU nations are compliant.
“All countries should have transposed the directive by Jan. 10, 2020. Unfortunately, this has not happened in countries like Spain where there are big industry players like Bitnovo selling cryptocurrency gift cards in thousands of stores. Regulation is not fast in every country. Nevertheless, companies like Bitsa, Bitnovo and many other exchanges are fully prepared and compliant.”
There are many new ways to use cryptos for everyday transactions, and Bitsa is demonstrating that there is a market for retail-level crypto products.