For the past four or five years now, I've been a customer of BitPay's and loved being able to use my BitPay debit card that could be loaded with various cryptos to spend at my local stores or for shopping online. Yesterday, I got a notice from them stating that their prepaid Visa debit card program will be getting terminated at the end of this year. I won't covering the entire article in full here, but if you want to read it for yourself you can do so here.
What I will do though is cover some of the points that are most important.
-Key Points-
July 31st will be the last day that BitPay Visa debit card holders will be able to load funds onto their account.
December 31st is the last day that users will be able to spend the funds on their account.
-FAQ-
Is Bitpay going out of business?
Nope.
Why are they terminating the BitPay prepaid Visa accounts though?
I'm not totally sure, but it's most likely because they're switching over to prepaid Mastercard debit cards instead. There's an article about that which you can read here.
Will existing users simply be switched over to the new prepaid Mastercards?
It doesn't seem like it. I haven't read anything that says that.
What can I do though?
It seems like the only way to stay as a customer is to sign up for their new Mastercard debit card which comes with a $10 fee for the card. I'll be contacting them soon to see if the fee can be waived since I'm an existing customer but most likely I'll end up having to pay that $10 fee.
If you have any further questions it's best to contact them and ask them, but I know that yesterday their phone lines were quite busy and I didn't want to wait on hold forever.