Crypto.com has just announced that it will be expanding its existing cooperation with Visa, the global payments platform. The partnership will make Crypto.com a principal member in Visa’s Australian network.
While Crypto.com already offers its services to people in more than 30 nations, this partnership will allow Crypto.com to expand into new markets. In addition to added availability via this partnership, Crypto.com has also recently disclosed that it is planning to offer fiat lending with crypto collateral.
At the moment, Crypto.com offers its services to people in the US, Canada, and also 31 countries in Europe and APAC. With its new partnership, Crypto.com will become a direct issuer of the Crypto.com Visa Card in Australia.
Crypto.com is Expanding
Crypto.com has long been a leading force in the crypto industry and has offered hundreds of millions, if not billions of people the opportunity to use their crypto holdings like cash. The Crypto.com MCO Visa card works just like any other Visa debit card and can be used in millions of Visa locations globally.
With the announcement of the expanded partnership with Visa, Crypto.com hopes to expand its service offerings in to nations that are currently not served and also deliver new features to the markets where Crypto.com is currently operating.
Kris Marszalek, Co-founder and CEO of Crypto.com, commented,
“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. I’m also excited to deepen our relationship with our customers via direct-issuance of cards around the world and roll-out Spending Power — allowing them to access the value of their crypto today.”
As a part of this expansion, Crypto.com is offering clients in the EU instant virtual debit cards, so that their Crypto.com account can be used without a physical card. This makes spending online simple, and EU residents won’t have to wait for a physical Visa card to be delivered.
Cuy Sheffield, head of Crypto at Visa, told media,
“Digital currencies have the potential to extend the value of digital payments to a greater number of people and places—and we’re eager to work with companies bringing this vision to life. Through our partnership with Crypto.com, one of the largest Visa card programs connected to a crypto exchange available today, we are making it quicker and easier for people to spend digital currency worldwide.”
Spending Power is Coming
The ‘Spending Power’ program from Crypto.com lets Visa debit cardholders use their cryptos as collateral for fiat loans, which can then be spent anywhere Visa is accepted. The entire process happens digitally, which makes it extremely easy to use crypto as cash in millions of locations globally.
Crypto.com has been in operation since 2016 and has grown to be one of the most innovative companies to connect cryptos with the real world. Its services make it possible to trade and spend cryptos easily, which is one of the most important aspects of cryptocurrency for day-to-day usage.
According to Crypto.com, it currently has more than 10 million active users globally, and with the reach of the new partnership with Visa, it would be fair to speculate that that user base is going to expand in the coming months.
Crypto.com is dedicated to privacy and security and is the first crypto company to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. It is also independently assessed at Tier 4, which is the highest level for both NIST Cybersecurity and Privacy Frameworks.