Its Official, Bitcoin based BitInstant PayCard Coming in 8 Weeks

By Wednesday, August 22, 2012 0 , Permalink 0

We reported yesterday that the company’s co-founder, Charlie Shrem, had confirmed over IRC chat that a Bitcoin funded card was in the making and that it would take around 2 months to launch. What followed, though, was a statement from MasterCard that it wasn’t working with BitInstant for such a card.

BitInstant has now posted a public statement on its website stating that the card , dubbed BitInstant Paycard, is definitely going to release in 8 weeks’ time and that it is working with its partners to make it happen. “BitInstant plans to release the Paycard in roughly eight weeks and is working with its partners to make this card program happen.” reads the site.

The company also said that the new card will be strictly following AML and KYC norms and that all balance for the purpose of the card will be held in USD or in cardholder’s local currency.

The company hasn’t released any specifics though in terms of what it will be doing as a way forward to handle MasterCard’s denial but has said that it will be handling the issue in due time.

“The card program is moving forward and the arrangement with MasterCard will be handled in due time at the proper stage of the process by the partners who work directly with that company.” the company said.