Visa has formed a new partnership for the benefit of Bitcoin holders based in Australia. The payment giant has granted Crypto Spend permission to issue debit cards. It will allow BTC holders to use their funds in shops, bars and other local establishments.
Visa’s decision to allow issuance reflects the growing interest in cryptocurrencies in the Australian economic market.
Crypto Spend for Bitcoin and Visa
Crypto Spend is an Australian startup that aims to be a bridge between traditional finance and cryptocurrencies. The company aims to expand the adoption of cryptography. And provide its users with more tools to use BTC, ETH, LTC, BCH. This startup runs its own application.
According to their website, the partnership with VISA made it the first company to provide a product that directly allows its users to spend Bitcoins in Australia. The debit cards will be issued by Australian public company Novatti. And it will be available within the next two months.
Crypto Spend users already have access to many crypto functions. Such as the ability to pay their bills with Bitcoin and other cryptocurrencies using the Bpay service offered by local company Osko.
In addition, users can send cryptocurrency without commission, cash out their funds in local currency in real time, and much more.
How Crypto Spend seeks to change the form of payments with Bitcoin (BTC)
In an official post, Crypto Spend claims that the crypto market is currently in a “perfect time” to use Bitcoin, Ethereum, and other coins. The startup claims that cryptocurrencies are a commodity used by ordinary people to protect their wealth from inflation. But with the potential for more use cases.
On the upcoming Visa debit card, the co-founders of Crypto Spend said:
“This fulfills our dream as co-founders when in 2018 we went from a couple of students at the University of Technology Sydney to creating a solution that bridges the gap between cryptocurrencies and traditional fiat currencies. It all started when we realized that cryptocurrency is actually used not as a currency. But as a commodity, and that is what we set out to change”.
Visa and cryptocurrencies
Visa has been dealing with Bitcoin and cryptocurrencies since 2015. The company is making efforts to integrate Bitcoin and cryptocurrencies into its payment network. Many business leaders believe that cryptocurrencies and digital assets are the “future of remittances”.
According to the Financial Review, Visa has already approved the issuance of cryptocurrency pass-through cards in Australia for some global cryptocurrencies, for example, Binance. The credit rating of Crypto.com has also received a permit for the direct release of Visa debit cards in Australia. It is preparing to launch the card, although the company has not yet announced the timing of the initiative. BTC.com.au also allows users to spend cryptocurrencies with an EFTPOS card, but it does not manage its own wallet.
Recall that in the first half of 2021, holders of Visa cryptocurrency cards spent more than $ 1 billion with their help.