Chinese exchange Crypto.com has announced a global partnership with Visa, to accelerate the global adoption of cryptocurrencies and crypto-payment methods using the MCO crypto card.
With a principal membership, Crypto.com can now issue directly bitcoin credit cards and ship them all over Asia, Africa, the Middle East, and South America. The alliance will also include the principal membership in Visa’s network in Australia.
In December, Crypto.com received an Australian Financial Service License (ASFL), as required by all blockchain-based companies. With this licence, the exchange was finally allowed to issue crypto-debit cards all around the country.
Now the exchange plans to expand the reach of crypto-debit cards all over Australia, and in several APAC (Asia-Pacific) countries.
Crypto as Collateral
The exchange will introduce “Spending Power” a new product for cardholders allowing them to check in on the current price of their funds in their crypto-wallets, and to lend fiat using crypto as collateral.
As per the blog post, Kris Marszalek stated that both companies seek to accelerate the adoption of cryptocurrencies worldwide:
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.”
With the crypto market reaching over 1.80T in market cap, Visa stated their intentions to work with crypto exchanges to trade Bitcoin for fiat currencies, thus making crypto-payments acceptable in any place that accepts visa —which would be 70 million places globally.
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