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Crypto debit cards are becoming increasingly popular, as an Australian digital assets start-up receives Visa clearance to launch a spending card in the country.
Visa, the world’s largest payment company, has approved the issue of a new Bitcoin (BTC) debit card in Australia, demonstrating its commitment to digital currency adoption.
CryptoSpend, a Sydney-based cryptocurrency spending software, said on Wednesday that Visa has authorised the issuing of a real debit card that would allow Australians to spend Bitcoin at local shops.
CryptoSpend co-founders said in an interview with the Australian Financial Review that the new card will be issued by major local payments company Novatti and is expected to hit the market in September. Visa is scheduled to make the announcement later this week.
The new crypto debit card, according to the source, would allow users to spend a variety of key cryptocurrencies such as Bicoin, Ether (ETH), XRP, and Bitcoin Cash (BCH). BitGo will be the custodian of users’ crypto assets.
According to CryptoSpend co-founder Andrew Grech, the card would allow Australians to cash out their Bitcoin gains rather than selling the cryptocurrency, stating:
“Spending it directly is a more convenient way of selling it. If the market is green, someone could say it’s time to spend some of my profits. On the other side of the fence, another person might say it’s going to keep going up, I’ll hold onto it. But we have seen more spending volume when the price is going up.”
According to the Financial Review, Visa has previously approved the issuing of cryptocurrency spending cards in Australia for several major cryptocurrency exchanges such as Binance, but they are not currently available in the nation. Crypto exchange Crypto.com has also been approved as a direct issuer of Visa debit cards in Australia, and it plans to introduce a card soon.