Visa to Block Crossmint Meme Coin Card Reward Loophole Next Week

Visa is reportedly planning to block a loophole enabling credit card rewards for meme coin purchases through Crossmint starting next week. The Block reported that Visa has instructed payment processors to cease categorizing meme coin transactions as digital goods or media, with the grace period for affected companies ending next week.

Prior to this, Robinhood Wallet and Fomo allowed users to buy meme coins via Crossmint payments using credit cards, with some transactions qualifying for standard card points or cashback. Crossmint-based meme coin sales continue on both apps as of now.