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.