- Crypto.com today announced a global alliance partnership and principal membership with Visa.
- The crypto app will launch the “Spending Power” service, enabling cardholders to access their wallet as collateral for a loan.
Crypto.com has entered into a global partnership with Visa, including a principal membership on the Visa network in Australia, to accelerate the adoption of crypto payment solutions around the world. The crypto app currently serves over 10 million customers worldwide and offers a wide range of services with the Crypto.com Visa Card, Crypto.com Exchange and Crypto.com DeFi Wallet.
The partnership will expand the existing reach of the Crypto.com Visa Card – previously available in the U.S., Canada, and 31 countries in Europe and APAC. After the platform receives Visa principal membership, Crypto.com will begin issuing the Visa Card directly in Australia. After that, it will look to expand into “many more markets around the world.”
In addition, Crypto.com will start offering a virtual card in Europe this month, allowing users to enjoy the benefits before the physical card is issued. On the other hand, the platform announced the launch of fiat loans with cryptocurrencies as collateral. The so-called “Spending Power” service will be the first of its kind. Crypto.com cardholders will be able to access their wallet as collateral for a loan and instantly spend fiat anywhere Visa is accepted.
Kris Marszalek, co-founder and CEO of Crypto.com said:
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.
Cuy Sheffield, Head of Crypto at Visa, added:
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.