Visa expands into Bitcoin through global alliance with Crypto.com

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Crypto.com has announced a global partnership with Visa that includes principal membership in Visa’s Australian network.

The collaboration between the credit card giant and the Hong Kong-based cryptocurrency exchange platform also includes a planned launch for fiat lending with digital asset collateral through the Crypto.com Visa Card.

Crypto.com’s pre-paid Visa card is already used in over 30 nations globally, including the U.S., Canada, and countries in Europe and Asia-Pacific.

Launched in Singapore in November 2018, the Crypto.com Visa Card was among the first cards linked to bitcoin on the market and is currently the biggest Visa program of its kind.

Crypto-friendly payment experience

Crypto.com currently has around 10 million users — twice the figure it had four months ago.

Joining forces with the payment giant enables the crypto debit card issuer to access Visa’s growing partner network and provide new crypto-friendly payment experiences.

Laying the groundwork for the move, the firm secured an Australian Financial Service License through an acquisition in December.

Card users can convert digital currency into one of six fiat currencies — U.S. dollar, British pound, Canadian dollar, Euro, Singapore dollar, and Hong Kong dollar — and use the card in credit or debit transactions, including ATM withdrawals.

Growing demand for crypto

Earlier in March, Crypto.com rolled out a $200 million crypto investment fund to support startups in the industry. The crypto exchange is also sponsoring the Aston Martin Formula 1 racing team as the European auto builder marks its return to the F1 circuit after a 61-year absence.

“Visa’s credentials add a lot more utility for crypto-assets and enable an easier way to spend them,” Forbes quoted Cuy Sheffield, director of crypto at Visa, as saying.

Sheffield added that the success of Crypto.com indicates “the demand that we are witnessing from consumers to be able to access crypto” through Visa’s 70 million merchant network.

Crypto.com has not raised an institutional round yet, but it is considering an initial public offering in 2023, Crypto.com’s co-founder and chief executive officer Kris Marszalek said.

Image courtesy of Karolina Grabowska/Pexels

Jet Encila

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Jet Encila

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