Crypto.com is the newest cryptocurrency exchange and payment service to join the Visa network.
Crypto.com has signed a global partnership with the credit / debit card payments giant, including becoming a major contributor to the Visa network in Australia, according to a press release on Wednesday.
In a press release, Crypto.com said the partnership with Visa is in line with the company’s efforts to expand access to an encrypted Visa card.
Crypto.com Visa cards are already in use in more than 30 countries around the world, including the United States and Canada, as well as in Europe and the Asia-Pacific region.
Crypto.com plans to start issuing its Visa card directly in the country, and the company says it will use its Australian presence to further market penetration to service cards around the world.
In addition to the physical Visa card product, Crypto.com will also start issuing virtual cards in Europe.
Commenting on the Visa partnership, Crypto.com CEO Chris Marsalik said:
“Signing a global partnership with Visa and becoming a key member of the global leader in digital payments confirms our commitment to accelerating the world’s transition to cryptocurrency.”
In an official statement, the company announced the launch of its cash lending program dubbed “Electricity Costs.” With this new product, Visa Crypto.com cardholders will be able to use their cryptocurrency balances in their wallets as collateral for fiat currency loans and spending on trading platforms that support Visa payments.
Earlier in March, Crypto.com launched a $ 200 million crypto investment fund to support industry startups. Crypto.com is also sponsoring the Aston Martin Formula 1 racing team as the British automaker celebrated its return to the F1 track after a 61-year hiatus.