Visa terminated it’s relationship with Wavecrest on Friday, causing thousands of transactions to be cancelled and users wonder what is next for them to retrieve their funds. Wavecrest provided its services to a number of crypto-card companies, including Bitwala, Cryptopay, Wirex and TenX. These companies convert people’s cryptocurrencies into cash that is loaded on to a VISA debit card, allowing people to use the currency for everyday transactions.

“As a licensed E-Money Institution, WaveCrest is required to safeguard funds to cover all of its issued electronic money and we can confirm that these funds are safe and available for redemption through other channels,” the statement read. Other card company also issued statements to assure their funds are safe.
Dmitry Lazarichev, co-founder of cryptocurrency card company Wirex, said he’s received thousands of calls from frantic customers. He said his company has issued some 500,000 cryptocurrency debit cards to people across the world, although not in the United States.

Image result for tenx cardVisa, a payment network, did not immediately respond to a request for comment.

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Source CNBC

By Harry