Crypto.com Expanding Payment Card to Australia After Becoming Visa Principal Member

Crypto.com is now a principal member of Visa's Australia network.

Mar 18, 2021 at 4:06 p.m. UTC
Updated Sep 14, 2021 at 12:28 p.m. UTC

Hong Kong-based Crypto.com has become a principal member of Visa Australia, allowing it to expand its card offering to the nation.

  • The principal membership means Crypto.com is able to directly offer the Visa card in Australia, a factor it says allows the firm to "have a direct relationship with cardholders."
  • Laying the groundwork for the move, the firm secured an Australian Financial Service License through an acquisition in December.
  • Crypto.com said its Visa card is now available in 31 countries including the U.S, Canada, Europe and in the Asia-Pacific region.
  • The card allows users to convert their cryptocurrencies into fiat currencies for spending at Visa-accepting retailers.
  • Crypto.com plans to expand the card into other new markets and will start offering virtual cards in Europe this month.
  • Also on Thursday, the company said it will introduce fiat currency lending backed by crypto collateral.
  • Dubbed “Spending Power,” the upcoming service will allow cardholders to use the crypto holdings in their Crypto.com wallet as collateral for loans that can be spent via the card.
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