According to reports, Visa will approve the issuance of debit cards for the issuance of Bitcoin and several other cryptocurrencies by Australian crypto startup Cryptospend. “We have a lot of demand for the card,” claims the company.
- Global card giant Visa is expected to announce approval of the issuance of a physical debit card later this week, which will allow users of the Cryptospend app to spend their cryptocurrencies through existing payment terminals, Cryptospend co-founder and CEO Andrew Grech reportedly said.
- “It is the first time that cryptocurrencies can be issued with a payment card issued in Australia that runs in the network of one of the international card systems,” the AFR publication reported on Wednesday.
- Cryptospend was launched last October and supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash and XRP. Grech detailed:
We have a great demand for the card. If the market is green someone might say it is time to spend some of my profits. On the other side of the fence, another person could say it goes on, I’m holding on to it. But we’ve seen more spending when the price goes up.
- Before Visa was approved, Grech and his co-founder Richard Voice went through a rigorous process to ensure the privacy and security of user information, as well as anti-money laundering compliance. The custody of the company’s crypto holdings is provided by Bitgo.
- Visa has also approved the ASX-listed Novatti to issue the prepaid debit card. The card is due to hit the market in September.
- Cryptospend is already connected to the central bank-backed New Payments Platform (NPP), which enables its users to instantly transfer crypto funds to Australian bank accounts, the publication explained, adding that customers are already billed with crypto funds through the App can pay.
- Visa recently said that more than $ 1 billion was spent on crypto-linked Visa cards in the first half of 2021. The company also works with 50 crypto platforms to enable crypto payments with more than 70 million merchants.
What do you think of Visa approving Cryptospend to issue cards to issue Bitcoin? Let us know in the comment section below.
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