Crypto.com Becomes Principal Member of Visa Australia
- Crypto.com has become a principal member of Visa’s network in Australia.
- The company’s new custom-built lending product enables users to use crypto as collateral for a loan.
Shutterstock
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.
- Crypto.com has once again expanded its regulatory achievements with the acquisition of a major payment institution license for digital payment token services in Singapore.
- The license, for which the company received an in-principle approval last June, enables the exchange to provide a greater range of payment services in Singapore.
Shutterstock
- The payments giant has proposed the creation of new self-custodial wallets, called “delegable accounts”, using the “account abstraction” (AA) method.
- As Ethereum does not yet support AA, Visa implemented its new wallet type on layer 2 scaling solution StarkNet, and successfully enabled automated recurring payments.
- Crypto.com CEO Kris Marszalek addressed customer concerns during a live AMA session today, claiming that the exchange had a strong balance sheet.
- He also clarified that Crypto.com had sent $1 billion in stablecoins to FTX over a the past year to fulfill order liquidity, and that it had only $10 million exposure to FTX when it fell.