Xapo Customers Unexpectedly Lose Access to Bitcoin Debit Card
Xapo is a Hong Kong based Bitcoin company that offers wallet services, cold storage solutions and a bitcoin-based debit card. Xapo launched in March of 2014 and has been providing service to thousands of customers world-wide. They have multiple fully insured cold-storage vaults around the world protected by armed guards and state-of-the-art surveillance mechanisms.
Recently Xapo unexpectedly shut down access to all Bitcoin debit cards. They released the following statement:
Apparently the card issuer 'Wave Crest Holdings, Ltd' was instructed by Visa to close all cards associated with Xapo accounts. Xapo did not receive any prior notice before the shut down of Bitcoin debit cards. As crypto-currencies continue to gain popularity around the world, traditional financial institutions may see them as a threat to their existence.
Currently Xapo is working on finding a new issuer and promises free cards to those who had theirs closed.
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I think this affects all bitcoin debit card issuers, not just Xapo. Anyone that used WaveCrest had their card cancelled.
I tried to pick up money today from my xapo card....and when I saw the email... i was so done. i just got my card and i cannot even used it more than once...-.-
I'm sorry to hear about that. Hopefully they resolve the issue soon!
Have a nice day.
this card was my only hope, what if they dont? this makes me so angry and sad at the same time:(
...i don't want to invest now, i just wanted to enjoy my money and this happened
They eventually will get a deal with a new issuer, but it may take some time. It's a shame that it's not just Xapo but it also effected BitPay card holders as well
That's sad:( I really hope they will found a way,a better way... a solution
That 'some time' is about months or...?:)
It could be months and it could be weeks. No real timetable at the moment. Luckily there are a lot of companies on the hunt together!
As far as I know my bitpay card is still working. I have a balance still and Bitpay has not sent any emails out saying anything about this.
God what is going on in the world of crypto this week, all the alts surge, xrp upsets everything, bitconnect gets slapped with a cease and desist along with arisebank, and now xapo cards being terminated. I think we are seeing the first real fear from the fiat economy trying to fight back or maneuver itself into a more favorable position.
I agree! So far 2018 has been crazy
i heard that few minutes ago but what will they do now???
thanks for this information sir...
I hope this won't affect BTC price.
It take to much time to get up again, otherwise we gonna have o long time in consolidation.
it's okay... just hodl and be happy in the long run :)
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