A crypto startup created by two friends in Sydney has convinced the global payment giant Visa to approve them to issue debit cards to spend cryptocurrencies for their users.
According to Australian Financial Review, Visa approves Australian startup CryptoSpend to begin issuing debit cards for their app users. The users then will be able to pay using their bitcoin and other supported crypto at retail stores and hospitality avenues.
“It will be the first time cryptocurrencies can be spent using a payments card issued in Australia that runs on the network of one of the international card schemes,” the AFR publication reported on 14/07/2021.
“We have customers that range from 18-year-old students to 70-year-old grandmothers, said Richard Voice, co-founder & COO of CryptoSpend. “[This] further emphasizes the growing appetite for people of all ages to use crypto as an everyday currency.”
Cryptospend’s cofounder reportedly said that its card will give users a flexible way to spend their crypto on everyday items. “Anything from a cinema ticket to your new pair of headphones,” said Grech. Card will support major cryptocurrencies including Bitcoin, Ethereum, XRP and Bitcoin Cash. The app has its own wallet on which users can hold their coins.
Also Read: Visa Customers Used Its Crypto Linked Cards For More Than $1 Billion In The First Half Of The Year
Instead of converting the crypto to fiat, CryptoSpend’s users can make direct purchases using the card easily in the market. Visa has also approved ASX-listed Novatti to issue the prepaid debit card. The card is expected to be in the market in September. BitGo will be the custodian for User’s crypto holdings.
CryptoSpend is already linked to the NPP that allows users to move their crypto balance to Australian bank accounts. The AFR article also added that CryptoSpend’s users are already able to pay bills using the app.
