Crypto.com partners with Visa according to the new announcement, in order to speed up worldwide crypto-adoption so let’s read more in our latest cryptocurrency news today.
The widespread adoption of crypto continues and the Hong-Kong-based Crypto.com partners with Visa according to the announcement today, including a principal membership in the network in Australia. According to the blog post, the crypto exchange plans to boost the adoption of cryptocurrencies worldwide and as a Visa principal member, Crypto.com can issue cards directly and bring products on the market. Right now, Crypto.com is shipping out crypto.com Visa cards in Asia, mainly in South Korea and Japan as well as South America, Africa, and the Middle East.
The CEO of Crypto.com Kris Marszalek explained that customers can access the prices of their crypto funds as well as deepen the bonds with the direct-issuance of cards across the world. Another key feature is the creation of the “spending power” which is a brand new product from Crypto.com that allows cardholders fiat lending using crypto assets as collateral. The user funds will be registered on the platform with a set interest rate of 9.9%.
The product follows the crypto-lending system led by companies such as Nexo, Celsius, and BlockFi. Visa entered the crypto market with a goal to capitalize on the growing sector and expand businesses towards crypto enthusiasts. The payment giant stated its intentions of working with the crypto wallets in order to allow users to pay with crypto by simply trading crypto for fiat and using it in all places worldwide where Visa is accepted:
“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 Visa director and the CEO stated that there’s a growing importance of crypto-assets in the digital economy so the new partnership will expand their maker reach and will allow crypto transactions for millions of users worldwide. Marszalek added:
“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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