Hong Kong-based cryptocurrency payment platform, Crypto.com has become a principal member of Visa in Australia.
Through the membership, Crypto.com now has permission to issue Visa cards, giving its consumers the ability to access their funds for everyday use. This should offer convenience, reduced costs, and faster transactions across their entire partner network.
Collaborating with such a payment giant allows the crypto debit card issuer to access Visa’s growing partner network and introduce new crypto-friendly payment experiences. Moreover, it helps the firm promote the full range of its platform functionality to improve its payments and settlement services and act as an easy on and off-ramp from fiat to cryptocurrencies.
The ability to issue Visa debit cards goes hand in hand with the launch of ‘Spending Power’, a crypto lending product custom-built for the Crypto.com cardholders. The program enables users to access crypto in their Crypto.com wallet as collateral for a loan and instantly spend fiat anywhere Visa is accepted.
Crypto.com Rolls Out Visa Cards in Europe
Visa Direct makes it faster for cryptocurrency users to sell their digital assets and push those funds to their Visa credentials in real-time, with much of this work happening through its FastTrack program.
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In addition, Crypto.com has plans to scale its branded-Visa cards to other markets. Beginning this month, it will start offering virtual cards in Europe, allowing users to instantly start spending without waiting for the physical card to be in-hand.
Founded in 2016, Crypto.com launched its initial coin offering (ICO) in May 2017. This occurred after a year of working on its offering that includes a range of products aimed at promoting the adoption of cryptocurrencies on a wider scale.
The payments and card provider, formerly known as Monaco, also offers customers the option to fund their crypto wallets via Euro bank transfers from accounts in the Single Euro Payments Area (SEPA).
Crypto.com, which also provides wallet and portfolio building services, has obtained a policy of $100 million through a global insurance marketplace that covers users’ digital assets held in their accounts.