Visa to close Crossmint memecoin rewards loophole after investigation

Crossmint memecoin rewards — Visa is reportedly moving to close a loophole that allowed users to earn cashback rewards by purchasing memecoins through platforms powered by Crossmint, following an investigation by The Block.

According to the report, the payment network is expected to end its grace period for these transactions as early as next week. The loophole involved users buying memecoins through apps using Crossmint’s infrastructure, which processed the payments in a way that qualified them for standard Visa card rewards programs typically reserved for regular purchases.

While the specific memecoin sales facilitated by Crossmint are reportedly still active on the apps, the impending policy change from Visa will cut off the financial incentive of earning cashback on such speculative crypto transactions. The move highlights ongoing scrutiny of how traditional financial rails interact with the volatile digital asset market.