Atlanta-based Bitpay announced that prepaid Mastercard cards will cease to operate on June 15. BitPay has already stopped accepting applications from new customers.
As of June 30, all user card balances will be sent by paper check to accounts linked to the BitPay card. It should take up to 30 days for the funds to reach you.
The BitPay team explained that the suspension of the BitPay Prepaid Mastercard program is due to the termination of a partnership with Metropolitan Commercial Bank.
In April, he announced that he would stop participating in cryptocurrency-related activities altogether.
Bitpay management assured customers that an updated and improved program will be introduced at the end of the year, all that is left is to find a new banking partner.
Mastercard holders have been placed on a waiting list and will be notified by email. In addition, they are promised priority in getting a new card.
“The changes will require a short transition period during which your card will be inactive.
We just need some time to change the bank and improve the program by adding new features,” promised the Bitpay team.
Last year, BitPay reported that its customers were paying more often with stabelcoins. By comparison, about 92% of all transactions were in bitcoin in 2020.