Global payments giant Visa has approved an Australian startup, CryptoSpend, to begin issuing debit cards for its users. So, users can now directly pay in crypto instead of converting it to fiat like other offerings in the market.
CryptoSpend is a startup that allows residents in Australia to pay and receive cryptocurrencies. They will commence services in Q3 2021. Its app allows users to spend their crypto, payout to their bank account, and pay bills with supported cryptos. As of now, the supported cryptos are Bitcoin, ETH, XRP, Bitcoin Cash.
Moreover, CryptoSpend also acts as an intermediary between cryptocurrencies and traditional finance. Along with VISA’s approval, the startup can now strengthen its reach with the introduction of physical cards.
In an email conversation between Coindesk and CryptoSpend co-founder Andrew Grech, he said this would provide Australians with a “flexible way” to spend crypto on everyday items.
The move is aimed at capturing the growing interest in cryptocurrencies for Australia’s market. Recently, Crypto.com became the principal member of Visa Australia, allowing businesses to offer a crypto Visa card in Australia directly.
VISA has also been very aggressive in offering cryptocurrency support to its cards worldwide. Currently, the payment giant is in collaboration with 50 leading crypto platforms like Coinbase and BlockFi. As a result, around 70 million merchants directly accept cryptocurrencies worldwide due to VISA’s support. Moreover, it has partnered up with USDC for settling transactions through Circle.