Crypto.com Inks Global Partnership With Visa: What's Next?

Crypto.com, a Hong Kong-based cryptocurrency exchange platform, has announced a global partnership with Visa Inc V that includes principal membership in Visa's Australian network and a planned roll out for fiat lending with crypto collateral via the Crypto.com Visa Card.

What Happened: The Crypto.com Visa Card was launched in Singapore in November 2018 and is now available in the U.S. and Canada, as well as across Europe and the Asia-Pacific countries. Card users can convert cryptocurrency into one of six fiat currencies — U.S. dollar, Canadian dollar, British pound, euro, Hong Kong dollar and Singapore dollar — and use the card in credit or debit transactions, including ATM withdrawals.

Crytpo.com noted its new Visa principal membership will enable the direct-issuance of its Visa card in Australia. The company is also planning to expand the card's availability into other markets where it currently does not have service.

What Else Happened: Furthermore, Crypto.com has debuted "Spending Power," which will allow cardholders to access funds in their Crypto.com crypto wallet as collateral for a loan and instantly spend fiat anywhere Visa is accepted.

And later this month, Crypto.com will begin issuing virtual cards in Europe to allow users to start spending without have a physical card for their transactions.

"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," said Kris Marszalek, co-founder and CEO of Crypto.com. "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."

"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," added Cuy Sheffield, head of Crypto at Visa. "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."

(Photo courtesy Crypto.com)