It was reported in a Forbes article that Visa and Crypto.com have announced a joint global partnership today that gives Crypto.com principal membership of Visa’s Australian network and will enable fiat lending against Bitcoin and other cryptocurrency collateral with the Crypto.com Visa card.
The Crypto.com pre-paid Visa card is currently the biggest Visa program of its kind and allows users to switch their cryptocurrencies into the dollar, euro, pound sterling, or any of the other supported fiat currencies. Users can also use the card to make payments or cash withdrawals anywhere that Visa is accepted.
Membership of Visa’s Australian network will allow Crypto.com to offer their card to the Australian market as well as plan their moves into other regions. The company is presently rolling out its cards globally in Asia, Africa, and Latin America and has the ultimate goal of entering all markets outside of China.
The card program will give 8% cash back on all purchases as well as free sign ups to film and music streaming services from Netflix, Amazon Prime and Spotify.
Cuy Sheffield, Head of the Crypto division at Visa said:
“Visa’s credentials add a lot more utility for crypto assets and enable an easier way to spend them,”
Crypto.com isn’t resting on its laurels and has also announced its new “Spending Power” service. This will allow customers to use their crypto registered on the platform as collateral, to loan and spend fiat. The service comes with a set 9.9% interest rate. This means that customers won’t have to liquidate their crypto holdings.
Other crypto platforms doing a similar thing are Celsius, Blockfi and Nexo. Celsius already enables its customers on the Celsius app to get a loan for a minimum 0.7% APR, which varies depending on the amount of crypto collateral the customer is willing to set. Also, by paying interest in the CEL token the customer pays even less.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.