AxiCheck prevents bank card blocking during crypto operations

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Many crypto transactions around the world are cancelled due to banks’ crypto intolerance, frequently blocking you from using your bank account the way you want to. To solve this problem, the new AxiCheck service lets anyone — without registration or personal data information entry – find out how tolerant their bank is for cryptocurrency transactions. The Swiss crypto service Aximetria releases the industry’s first solution to check bank cards for crypto tolerance. The tool is especially useful for first-time crypto users or new bank card holders who fear that their bank will block card transactions as ‘suspicious’ when purchasing or selling cryptocurrencies. To eliminate this fear, Aximetria’s new online service AxiCheck lets anyone instantly, anonymously and safely check how friendly their bank is with the world of cryptocurrencies – completely free of charge.

Credit and debit cards still remain by far one of the most popular means of payment. However, traditional financial institutions look at digital assets with caution, periodically asking clients for clarifications on transactions — even going so far as to block accounts. Previously, in order not to risk their cards, accounts and savings, users had only one option – to order a branded crypto service card. However, this resulted in an additional cost for both the user and the fintech, ultimately benefiting only banks and payment systems by adding additional costs for their services and commissions. Now, thanks to AxiCheck, users can check in advance how their banks will react when dealing with cryptocurrency transactions using that bank’s payment cards.

Over the past 12 months, over 100,000 cards (including, the popular MasterCard and Visa) have been used to facilitate transactions through Aximetria, issued by 427 banks from 80 countries. AxiCheck was developed based on the statistics of making purchases using cryptocurrency and withdrawing funds to various cards globally.

To check your card for crypto-tolerance, all the user needs to do is to input the first six digits into the AxiCheck service. This is the issuer’s unique BIN (bank identification number) that contains information about the bank, country of issue, payment system and card level. There is no personal information in the BIN and it does not provide access to the user’s bank account – thus ensuring the new service from Aximetria is absolutely safe.

As a result of verification through AxiCheck, a bank card will be assigned to one of four types:

100% crypto – operations using such cards are successful;

Crypto ready – the card is suitable for cryptocurrency operations with a very high probability;

50% crypto – there may be problems with the withdrawal of funds;

Crypto unfriendly – it is not recommended to perform cryptocurrency operations with this card.

AxiCheck checks cards according to the BIN, as cards of one brand can be issued by different issuers. For example, large neobanks in different countries often work under the licenses of local banks, so their cards in Germany and the UK will have different BINs.

“One of Aximetria’s most active users are Revolut’s customers. Despite all the advantages of its main product, subscribers of this British neobank cannot use the crypto purchased through it for subsequent purchase or payments outside the Revolut platform. Revolut users, in fact, do not buy cryptocurrencies, but CFD (Contract for Differences) on the cryptocurrency without the ability to own it. With Aximetria, it’s different — you get Bitcoins at real blockchain addresses, which let you perform any exchange operation — transfer, buy, sell, save or pay with it in our marketplace,” explained Alex Axelrod, founder and CEO of Aximetria.

The information provided in the AxiCheck bank card verification service is based on Aximetria’s statistics and is for reference only. If the service does not yet have data on a particular bank, the user can subscribe to updates free of charge.

A web version of the service is also available at https://axicheck.aximetria.com/check