This is interesting, an odd mishmash. whilst the FAQ is big it is not specific - eg 'we are not a prepaid debit card' (do you have a deposit license?) ... 'We automatically withdraw money from your xapo wallet' (and that doesn't count as preloading?). To me, it looks like they've taken a standard visa backed prepaid debit card (although not putting visa logo on it I thought was a breach of scheme rules). They've adde…
My intuition for their setup was something like this: You know how a company like Oracle might give its top sales people creditcards with spending limits (for sales dinners with big customers), and Oracle pays for this? I think Xapo is similar. But instead of giving the card to its employees, it sells it for $15 to its customers. And the spending limit? That's dynamic, based on the amount in the bitcoin wallet. At th…
Except I'm pretty sure that a bitcoin transaction for a money company is more expensive in every regard than a "legacy banking product".