Crypto Banks
Buy Crypto with Discover Card

Buy Crypto with Discover Card

Summary: The Discover Bank online platform does not offer any products or services that enable customers to buy cryptocurrencies. This means that you cannot use your Discover Card to buy assets like Bitcoin or Ethereum through their online banking platform.

That said, you can use a licensed third-party exchange that accepts US Dollar deposits via Discover Credit Card to buy cryptocurrencies. If you are looking to get started, we recommend a platform like Paxful which allows direct deposits with Discover Card.

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Platform Highlights

  • Fast and Cheap US Dollar deposits from Discover Credit Cards.
  • Buy and sell Bitcoin, Ethereum and USDT for low fees.
  • Most trusted P2P exchange in the world with over 2 million users.
Discover Card - Paxful
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Audited Proof of Reserves
Audited Proof of Reserves

How to Buy Crypto with a Discover Credit Card

The easiest way to buy digital assets with a Discover Card is through the Paxful P2P exchange. Paxful is the largest peer-to-peer exchange that connects buyers with reputable sellers and acts as the neutral escrow in the middle. The sellers on Paxful accept a wide variety of US Dollar deposit methods, including Discover Credit Card and other alternatives.

They are the only platform in the US that allows you to buy assets with Discover. You can get started in 4 simple steps:

  1. Sign up to the Paxful exchange.
  2. Visit the marketplace and select 'Discover Card' as the payment method you want to use and find the Crypto you want to buy.
  3. Find a reputable seller that has good reviews from buyers who used them to buy cryptocurrency with a Discover Credit Card.
  4. Input the amount of USD you want to buy with your Discover Card and input your details into the Paxful exchange. They will process the transaction within 5 minutes.
Buy Crypto Discover
Buying Bitcoin with a Discover Credit Card via Paxful.

Discover Bank Crypto Policy

Discover Bank recently updated its acceptable use policy to include cryptocurrencies. The new policy states that Discover and Discover Credit Card customers are now able to buy, hold, and sell cryptocurrencies through approved exchanges. However, the bank still prohibits customers from using cryptocurrencies to purchase goods or services.

While Discover is not the first major bank to allow its customers to buy and sell cryptocurrencies, it is one of the few to do so through approved exchanges. This move could signal a shift in how banks view cryptocurrencies and their potential use cases. It also comes at a time when the cryptocurrency market is seeing renewed interest from both retail and institutional investors.

What is Discover Card?

The Discover Card is a credit card, issued primarily in the United States. It was introduced by Discover Financial Services in 1985. Discover Card is the third largest credit card brand in the U.S., after Visa and Mastercard, with nearly 50 million cardholders.

The Discover Card offers cash back rewards and no annual fee. cardholders can earn up to 5% cash back on eligible purchases. There is also a Discover it® Secured Credit Card for consumers with limited or no credit history.

Discover Card
Buy Digital Assets with any Discover Card.

About Discover Bank

Discover Bank is a subsidiary of Discover Financial Services, which offers banking products and services through its Discover brand. The company was founded in 1985 and is headquartered in Riverwoods, Illinois. As of December 31, 2018, the bank had $115.8 billion in assets and $94.9 billion in deposits.

The bank offers a variety of products and services, including checking and savings accounts, credit cards, personal loans, and investment products. It also offers online and mobile banking services. Discover Bank is a member of the FDIC and is an Equal Housing Lender.

In 2017, Discover became a public company traded on the Nasdaq Stock Market under the ticker symbol DFS.

Final Thoughts

Buying cryptocurrency with a Discover Credit Card through Paxful is a great way to get started investing in digital assets. The process is fast, secure and cost-effective. Furthermore, the bank's new policy that allows its customers to buy and hold cryptocurrencies could signal a shift in how banks view digital assets and their use cases.

Adrian Graham

Co-Founder & former Investment Banker (Finance MBA) turned Full-Time DeFi analyst and researcher. Left traditional finance to pursue my interest in digital assets and decentralized finance.

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