Visa Will Approve Crypto Card by Australian Startup Cryptospend

Fireblocks Purchases an Israeli First Digital Platform for $100M
  • Visa approves Cryptospend’s debit cards issuance for spending digital assets. 
  • Cryptospend supports BTC, ETH, LTC, BCH, and XRP.

Global card giant Visa approves Cryptospend’s debit cards issuance for spending Bitcoin and many other digital assets. 

Moreover, Visa will announce later this week the approval of the issuance of a physical debit card. This will allow Cryptospend app users to spend their cryptocurrencies using existing payment terminals, explains Cryptospend Co-founder and CEO Andrew Grech.

AFR publication reports,

“It will be the first time cryptocurrencies can be spent using a payment card issued in Australia that runs on the network of one of the international card schemes.”

Before Visa’s approval, Grech, and co-founder Richard Voice moved via a powerful process to enable the privacy and security of user’s data. Also, compliance with the anti-money laundering requirements. More so, the custody of the firm’s crypto holdings is offered by Bitgo. In addition, Visa also approved ASX-listed Novatti to provide the prepaid debit card. However, the card needs to be on the market in September. 

Cryptospend was launched last October which supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Ripple (XRP). Moreover, it is found that there is a lot of demand for the card. 

Even more, the Cryptospend is already linked to the central bank-based New Payments Platform (NPP), which enables its users to shift the crypto balances instantly to Australian bank accounts. Moreover, adding users are previously able to pay bills utilizing crypto balances via the application. 

Recently, Visa explained that over $1 billion were spent on crypto-linked Visa cards in the first two quarters of 2021. Added to this, the company also partners with 50 crypto firms to allow crypto payments at over 70 million merchants.

Recommended for You

Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.