Google · Apple · Donald Trump · Bitcoin · Ethereum · The Block
Buying memecoins with credit cards on Robinhood Wallet and Fomo appears to sidestep card-network crypto rules
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
★ Tier-1 Source
On Fomo, a popular "social trading" app, buying Bitcoin or Ethereum means either transferring in crypto from an outside wallet or buying USDC stablecoins with a debit card before making a swap.
Key facts
- Fomo, which raised a $75 million Series B round at a $550 million valuation in June, launched its Crossmint integration in June of last year, and Crossmint later noted that weekly active traders
- Johann Kerbrat, SVP & GM of Robinhood Crypto, likewise referred specific questions to Crossmint during an interview with The Block
- As of the last update, the Checkout supported memecoins representing around ~80% of the memecoin trading volume in the previous 24 hours
- Visa's manual states that direct cryptocurrency purchases must use one of two other categories, MCC 6012 or 6051, and carry special flags that indicate the transactions involved crypto assets
Summary
To buy memecoins such as "dogwifhat" (WIF), "testicle," or three different tokens with the ticker "ASTEROID," however, Fomo and Robinhood Wallet users can instead use a credit card through Apple Pay or Google Pay, even earning typical card rewards on the purchase. "A s far as I know, we're the only game in town when it comes to that particular product that involves no KYC because of the way that we've structured it," Crossmint Head of Strategy Fonz Olvera told The Block in an interview. However, the way Crossmint's transactions were categorized has been disputed by Chase, which told The Block it believed an incorrect code was used and that it was opening a case with Visa.