Hong Kong’s Reap launches ledger for spending bitcoin and other virtual assets by card

Hong Kong-headquartered fintech Reap has launched a Virtual Asset Ledger that allows clients of its card-issuing platform to make bitcoin and other virtual-asset balances spendable through the same card infrastructure used for conventional balances.

The company said Wednesday that conversion can take place at the point of sale using a price set by the client, rather than requiring users to sell an asset or convert it into a stablecoin before spending.

Bitcoin support is available through Reap’s existing API. The company said cards issued through its platform in Hong Kong and Mexico can be used wherever Visa is accepted.

One card can draw on multiple types of value

Reap’s new ledger is designed for exchanges, wallets, fintech companies and other platforms that want to connect multiple asset types to a single card program.

According to Reap’s product documentation, clients can define assets and pricing methods, maintain user balances and send balance updates to Reap. Multiple balances can then contribute to one available spending limit.

The system can support bitcoin and other cryptocurrencies as well as stablecoins, cashback, loyalty points, credit lines and allowances. Reap said the client retains custody of the underlying user assets and controls the customer relationship and conversion logic.