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The latest cryptocurrency exchange and payment service to join the Visa network is Crypto.com.
According to a press release released on Wednesday, Crypto.com has entered into a multinational alliance with the credit/debit card payment giant, including being a primary member of Visa’s network in Australia.
According to the press release, Crypto.com’s partnership with Visa is part of the company’s attempts to extend the scope of its crypto Visa card.
Crypto.com’s Visa card is currently accepted in over 30 countries worldwide, including the United States, Canada, and countries in Europe and Asia-Pacific.
Crypto.com expects to begin direct Visa card issuance in the region, and the company says it will leverage its presence in Australia to achieve broader market penetration for its card service globally.
In addition to its physical Visa card offering, Crypto.com will reportedly start issuing virtual cards in Europe.
Crypto.com CEO Kris Marszalek commented on the Visa partnership:
“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.”
The business also announced the introduction of its fiat loan scheme, called “Spending Force,” as part of the official communiqué. Crypto.com Visa cardholders will be able to use the cryptocurrency balance in their wallet as credit collateral to invest fiat in merchant networks that accept Visa payments for this latest offering.
Earlier this month, Crypto.com announced the development of a $200 million crypto investment fund to benefit entrepreneurs in the field. Crypto.com is also a member of the Aston Martin Formula 1 racing team, which is making its comeback to the F1 circuit following a 61-year absence.