Crossmint
A technology company focused on blockchain infrastructure
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Project Overview
Crossmint is a blockchain infrastructure company focused on simplifying blockchain integration for developers and businesses. Its services include wallet creation and management, token and digital certificate issuance, fiat and cryptocurrency payments, and cross-chain operations, all available through an API. Its clients include brands, gaming companies, and fintech companies.
Visa to Close Meme Coin Credit Card Rewards Loophole
Visa is closing a checkout loophole supported by crypto payment infrastructure company Crossmint. The loophole previously allowed users purchasing Meme coins with credit cards to have transactions classified under a merchant category code intended for digital media such as e-books, movies, and music.Visa has notified payment processors, including Checkout.com, that it will no longer accept that code for Meme coin transactions, giving processors a grace period to stop the practice, which is expected to end next week. Thereafter, Meme coin purchases must be processed as cryptocurrency transactions and are subject to Visa's corresponding rules.Chase had disputed a Visa transaction that was not flagged as a cryptocurrency transaction, arguing that its merchant category code was incorrect and that it should not have earned credit card rewards. The New York State Attorney General's Office is also aware of and reviewing the matter. (Decrypt)
Robinhood Wallet and Fomo Credit Card Purchase Process for Meme Coins Sparks Controversy Over Card Network Rules
According to The Block, Robinhood Wallet and Fomo users can purchase select memecoins using credit cards via Apple Pay or Google Pay without completing a separate identity verification process. Testing shows that these transactions are powered by crypto infrastructure company Crossmint and are classified under the "digital goods media" category rather than as cryptocurrency purchases, thereby qualifying for standard credit card points or cashback rewards.
Related news
Visa to Close Meme Coin Credit Card Rewards Loophole
Visa is closing a checkout loophole supported by crypto payment infrastructure company Crossmint. The loophole previously allowed users purchasing Meme coins with credit cards to have transactions classified under a merchant category code intended for digital media such as e-books, movies, and music.Visa has notified payment processors, including Checkout.com, that it will no longer accept that code for Meme coin transactions, giving processors a grace period to stop the practice, which is expected to end next week. Thereafter, Meme coin purchases must be processed as cryptocurrency transactions and are subject to Visa's corresponding rules.Chase had disputed a Visa transaction that was not flagged as a cryptocurrency transaction, arguing that its merchant category code was incorrect and that it should not have earned credit card rewards. The New York State Attorney General's Office is also aware of and reviewing the matter. (Decrypt)
Robinhood Wallet and Fomo Credit Card Purchase Process for Meme Coins Sparks Controversy Over Card Network Rules
According to The Block, Robinhood Wallet and Fomo users can purchase select memecoins using credit cards via Apple Pay or Google Pay without completing a separate identity verification process. Testing shows that these transactions are powered by crypto infrastructure company Crossmint and are classified under the "digital goods media" category rather than as cryptocurrency purchases, thereby qualifying for standard credit card points or cashback rewards.