Cryptocurrency platform Voyager Digital is launching a USDC-linked debit card, which will pay up to 9% in annual rewards to its customers, the company said in a statement Tuesday.
Voyager says additional features for its debit card will include no annual fees and lock-up of assets to earn rewards, while users can access their assets via ATMs.
The card will feature annual rewards of up to 9% on all USDC holdings of $100 or more, payable monthly to cardholders. USDC holders will receive this percentage back annually in crypto (additional USDC) in their Voyager accounts based on their average monthly balances, the company said.
Members of a Voyager Loyalty program can earn additional rewards of up to 10.5% on USDC, depending on their level of membership.
Linking the card with USDC is a more consumer-driven, transactional approach versus bitcoin or ether, chief executive officer Steve Ehrlich said in an interview with CoinDesk. Attaching a debit card to bitcoin or ether “seems to be a little bit off of what consumers want,” Ehrlich said, adding that many consumers prefer to hold cryptocurrency instead of looking to trade. versus transact.
“Crypto for all is how we like to portray ourselves,” Ehrlich said.
Ehrlich said Voyager will eventually roll out a similar product in Europe. In August the company purchased payment company Coinify. Given its U.S.-based customer base, Voyager Digital’s near-term focus remains on rolling out the USDC card domestically.
Metropolitan Commercial Bank will be the issuing bank, while Usio will act as the program manager and processor for the card.
Voyager says it recently surpassed 1 million funded accounts and also has approximately 2.7 million registered users.