2022 has been a turbulent year for crypto. Banks are understandably on high alert and treading carefully as they enter into new arrangements with companies connected to crypto.
As you know, Ionia has secured relationships with Visa and card issuance providers for our Ionia Rewards suite of prepaid cards, which we are excited to get into the hands of our users. We have been made aware in the aftermath of the FTX and BlockFi bankruptcies, which have come on the heels of other significant challenges this year, that the card issuing banks are taking a more cautious approach to crypto-related program approvals. This means the bank approval process will be more in-depth and is expected to take longer than originally anticipated.
We are awaiting further instruction from the issuing bank partners, but wanted to let you know as soon as possible that the expected launch of crypto-associated card programs now realistically looks to be sometime in Q2 2023.
With that said, we are shifting our efforts to launch the Visa Rewards Global card as the initial card program, as the bank approval process is expected to be faster for that specific program. We do not yet have a timeline for this program, but we do expect to hear back from the bank within a few weeks with regard to our bank approval submissions. As a reminder, here is a brief overview of each of the 3 card programs from Ionia: https://ionia.docsend.com/view/kvuftnzfatn8jtdb
. The Visa Rewards Global will be our first focus, but we will continue to work to launch the Visa Rewards Plus program for DashDirect as well.
We have done initial testing with some success on the Visa Rewards Global program, and we are excited that the cards are working not only in the US, but also in other regions. We will test in several more regions here shortly and report back a summary analysis of the results reported to us by community members in various regions.
We will continue to share new information with you as we receive additional details and status updates on the Visa Rewards Global program as well as the other card programs.