US-based FinCEN Regulated CoinZoom Launches Crypto Exchange and Visa Prepaid Card

2020-3-19 20:33

A crypto FinCEN regulated crypto exchange launched its own debit card with which digital asset holders can make payments for services and goods using their digital assets.

CoinZoom is based in Utah and made on Wednesday the announcement that it’s going to start onboarding new retail and institutional clients, also that it will provide a Visa debit card that converts crypto into US dollars instantly, making payments the same way.

CoinZoom is FinCEN Registered in the US

CoinZoom is a FinCEN registered business that offers money services. It’s regulated by the agency in most US territories and states, which means it has to respect the local laws, including the ones concerning know-you-customer (KYC) and consumer protection. More than this, it also has a money transmitter license in the same country and another one in Australia as a digital currency exchange.

CoinZoom supports the most important cryptocurrencies like the Bitcoin (BTC) and the Ether (ETH), which are paired with the US dollar and provide an asset class fiat gateway. Furthermore, its platform runs a selected proof-of-stake (PoS) coins staking facility that gives holders rewards.

CoinZoom Can Also Be Used as a Remittance Solution

CoinZoom’s CEO and founder, Todd Crosland, said the exchange already has an Apple iOS trading app available and can be used as a remittance solution. Here are his exact words on the Visa debit card news:

“CoinZoom is not only the first U.S. cryptocurrency exchange to provide a Visa card to its customers, but also offers … industry-first features like ZoomMe, CoinZoom’s free Peer-to-Peer crypto and fiat payment system.”

Coinbase Also Released Its Own Visa Debit Card

Let’s not forget that last year, Coinbase, the famous crypto exchange that’s also based in the US and registered with FinCEN and even MSB, has released its own Visa debit card too. However, only its users from the EU and the UK can use it. On Tuesday, Coinbase made the announcement that the same card is now integrated with Google Play.

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