Friday, December 2, 2022

Shakepay Shuts Down Cryptocurrency-based Debit Card Services

Shakepay Shuts Down Cryptocurrency-based Debit Card Services

Shakepay, a company that allows you to preload your cryptocurrency funds onto a debit card, has announced today that their payment services are no longer operational. It appears to be part of a wider move by card issuing company Wavecrest to cut off all bitcoin debit card clients worldwide.

Also read: Seattle Man Is the First Ever to Purchase a Home With Bitcoin Cash

Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates:

Shakepay’s Surprising Announcement

The news came suddenly, with Shakepay first mentioning that all cards had been disabled on their official Twitter account and then following that tweet with another that further explained the situation to customers.

ShakepayAccording to the tweet, they had received a notice from their issuing partner, Wavecrest, that all VISA card programs had been permanently closed — saying that it “Unfortunately, affects all Shakepay users. All cards are no longer operational.”

They detailed what it will mean for their customers and attempted to address any concerns about existing balances on their cards in another statement.

Essentially, everyone who currently holds a card will no longer be able to spend their money using the company-issued cards starting immediately. Also, despite the fact that customers can no longer spend their card balances, the funds will remain on their cards until Shakepay works out a refund process.

Furthermore, any funds sent to cards will not be added to a customer’s current balance.

Future Uncertain For Shakepay Team

However, Shakepay has made it clear that all funds will be returned, including pending loads — all funds sent to them but have not yet been loaded onto a card.

This is all the information the company has provided for now, but they have said that they will be updating everyone about the refunding process shortly. They will also be keeping everyone in the loop regarding any new information involving the situation.

Whether or not the announcement means that Shakepay will be temporarily suspending operations or closing up shop permanently remains unclear.

What do you think about the wave of closures hitting cryptocurrency debit card services? Let us hear your thoughts below.

Images via Shake and Huffington Post

Bitsonline Email Newsletter