Firm Advises Apto on UK’s First Cryptocurrency Debit Card
Bryan Cave Leighton Paisner has advised on the high-profile launch of the UK’s first cryptocurrency debit card. We advised Apto Payments Inc. in connection with the launch of the card by Coinbase.
Coinbase is a cryptocurrency exchange valued at more than $8 billion and a major trading venue for cryptocurrencies. This transaction makes it the first crypto exchange to enable UK customers to make purchases and cash withdrawals directly from their crypto wallets using debit cards.
Apto provides the technology and support services required for the debit cards to work. In order to enable the operation of the cards, Apto entered into a BIN sponsorship agreement with card issuer Paysafe and a separate tripartite program management agreement with Paysafe and Coinbase, to govern the specifics of the cryptocurrency debit card program.
Apto was introduced to the London Commercial and Technology Team by Stan Koppel from the BCLP San Francisco office. The BCLP team was led by Marcus Pearl and Louis Wihl, with Kai Zhang providing regulatory advice and payments industry expertise, and Kate Brimsted and Tom Evans advising on data protection.
The launch of the Coinbase card was reported on the front page of the Financial Times’ Companies and Markets Section and by various news outlets including the CNN website.
BCLP advised Apto Payments, a San Francisco based fintech company, on its launch of the UK’s first cryptocurrency debit card. BCLP’s solution helped Apto navigate the complex regulatory requirements challenging the launch.
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