Last Updated on: 22nd November 2023, 10:20 am
Stanhope Financial, a Visa Principal Member and Electronic Money Institute, has announced a collaboration with Gate Group to power the new Gate Visa debit card. This card will enable users to effortlessly convert and spend cryptocurrencies in the real world.
The card, which is issued by Stanhope Financial’s Lithuanian entity, Gate Global UAB, is powered by the company’s customisable operations suite. This ensures a seamless and scalable product rollout, with significant early demand from consumers.
Rob Groombridge, Chief Commercial Officer at Stanhope Financial, said: “To be delivering this innovative new product alongside our friends at Gate is very exciting. Gate Group’s market-leading solutions, including the Gate.io platform, have contributed to a change in the global landscape for cryptocurrencies. Their drive to innovate and deliver world-class products is completely aligned with our company vision.”
“This collaboration will add significant value for Gate’s customers. We are delighted that our customised solution has provided Gate with the right tools to deliver the project.”
Dr. Lin Han, from Gate, expressed enthusiasm for the new product, stating: “This is a pioneering initiative for our customers. By nature, Gate has always been driven by digital transformation, it’s in our DNA. The new Visa-powered Gate card will bridge the gap between the digital world and the physical one for our customers.”
Stanhope Financial UAB, founded by Mohit Davar and Kevin von Neuschatz in October 2021, has three business lines. The company offers banking services to SMEs, regulated institutions, and virtual asset service providers, allowing efficient cross-border transfers, including spot FX, multi-currency accounts, dedicated named bank accounts, and innovative payment solutions.
Gate Group, established in 2013, is one of the pioneers in the cryptocurrency industry. It has grown to serve over 12 million users around the world and offers a comprehensive ecosystem, including cryptocurrency exchanges, public blockchain, decentralised finance, research and analysis, venture capital investing, wallet services, and startup incubator labs.
