According to the announcement published on 18 March, this will enable the company to directly begin issuing Crypto.com Visa Cards in the country.
Kris Marszalek, the co-founder and CEO of Crypto.com, said the latest partnership affirms the company’s commitment to accelerate the world’s transition to cryptocurrencies. “I’m also excited to deepen our relationship with our customers via direct-issuance of cards around the world,” he said in the announcement.
Crypto.com also revealed the creation of “Spending Power,” a lending product custom-built for the Crypto.com Visa Card. Customers holding the card will be able to use their cryptocurrencies as collateral for a loan, and instantly spend the borrowed fiat anywhere Visa cards are accepted.
Available in the U.S., U.K., Canada, and 31 European countries, the Crypto.com Visa card is the most widely available of its kind. It enables users to convert their crypto into one of the six supported fiat currencies (EUR, USD, GBP, HKD, SGD, and CAD), and pay with their card anywhere Visa is accepted.
Cuy Sheffield, the head of Crypto at Visa, said the company’s partnership with Crypto.com will make it quicker and easier for people to spend digital currency worldwide.
“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,” he added.