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BitInstant to launch Bitcoin cards

BBR Staff Writer Published 27 August 2012

Virtual currency exchange service BitInstan is all set to roll out first officially certified Bitcoin Paycard, in collaboration with MasterCard, which would be a debit card and accepted globally.

According to payment processor, the proposed card would be loaded up with Bitcoins and then withdraw real world currencies, while will work as a standard debit or credit card and will be accepted anywhere that accepts MasterCard.

The card will be fitted with a QR code on the front and a printed address on the back which would be used to load Bitcoins, with BitInstant charging a 1% fee.

Funded by BitCoins transferred to the card by BitInstant, the card will hold all the balances in either US dollars or cardholder's local currency.

The firm said that it has plans to give the first 1000 cards for free with all subsequent ones costing $10.

BitInstant is currently negotiating with MasterCard and hopes to launch the card by October this year.