The widespread adoption of cryptocurrencies continues. Today, Hong Kong-based Crypto.com has announced a partnership with Visa, including a principal membership in Visa’s network in Australia.
Per the blog post, the crypto exchange is planning to accelerate the adoption of cryptocurrencies worldwide. As a Visa principal member, Crypto.com can now issue cards directly and bring world-first products to the market.
Currently, Crypto.com is shipping crypto.com Visa cards in Asia, mainly, Japan and South Korea, as well as in Africa, South America, and the Middle East.
Spending Power and real-time price access
Kris Marszalek, CEO of Crypto.com added that customers can now access the price of their crypto-funds at any time, as well as deepening customer’s bonds with the direct-issuance of cards globally.
Another key feature is the creation of “Spending Power”, a new product from Crypto.com that allows cardholders fiat lending using cryptocurrencies as collateral. User funds will be registered in the platform and the interest rate will be set at 9.9%.
This product follows the crypto-lending system led by companies like BlockFi, Celsius, and Nexo.
Visa entered the crypto market trying to capitalize on its growing sector, expanding its businesses towards crypto-enthusiast.
Yesterday, the payment giant stated its intentions of working with crypto wallets to allow users to pay with crypto, by trading crypto for fiat and using it in all places around the world that accept Visa.
“We are working with bitcoin wallets to allow the bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted.”
Both the CEO of Crypto.com and the director at Visa stated the importance of crypto-assets in the digital economy. The global partnership will expand their market reach and allow crypto-transactions for millions of users globally. Marszalek stated:
“Having been a Visa partner for several years, we’re excited to deepen that relationship with a slew of world-firsts. Signing the global partnership with Visa and becoming a principal member with the world’s leader in digital payments affirms our commitment to accelerate the world’s transition to cryptocurrency.”
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