Crypto.com Gets Principal Membership from Visa in Australia

Cryptocurrency exchange Crypto.com yesterday announced that it has built a strategic partnership with Visa and has become a principal member of Visa in Australia.

According to Crypto.com, the new partnership is expected to help the company improve adoption of crypto payment solutions around the globe by expanding the presence of Crypto.com Visa Card. 

In the official statement, the crypto exchange also declared its intention to launch fiat lending with crypto collateral with Crypto.com Visa Card.

Having been granted Visa principal membership, Crypto.com will begin direct-issuance of the Crypto.com Visa Card in Australia, allowing Crypto.com to have a direct relationship with cardholders. Crypto.com also has plans to scale the Crypto.com Visa Card to many more markets around the world—including new markets and new customer segments that Crypto.com does not currently service. Beginning this month, Crypto.com will also start offering virtual cards in Europe, allowing users to instantly start spending without waiting for the physical card to be in-hand.

In addition, Crypto.com also announced the creation of “Spending Power”, a first of its kind lending product custom-built for the Crypto.com Visa Card. Cardholders will be able to access crypto in their Crypto.com crypto wallet as collateral for a loan and instantly spend fiat anywhere Visa is accepted. With low interest rates and flexible repayment options, Spending Power will make the Crypto.com Visa Card unmatched among credit and debit cards.

Kris Marszalek, Co-founder and CEO of Crypto.com, commented, “Having been a Visa partner for several years, we’re excited to deepen that relationship with a slew of world-firsts. Signing the global partnership with Visa and becoming a principal member with the world’s leader in digital payments affirms our commitment to accelerate the world’s transition to cryptocurrency. I’m also excited to deepen our relationship with our customers via direct-issuance of cards around the world and roll-out Spending Power -- allowing them to access the value of their crypto today.”

Cuy Sheffield, head of Crypto at Visa, stated, “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.”