Companies partner to accelerate mainstream cryptocurrency adoption
HONG KONG, March 18, 2021 — Crypto.com today announced a global partnership with Visa that also includes principal membership in Visa’s network in Australia. The partnership will advance Crypto.com’s ambition to accelerate the adoption of crypto payment solutions around the world by expanding the reach of the Crypto.com Visa Card. In addition, Crypto.com is announcing plans to roll out fiat lending with crypto collateral via the Crypto.com Visa Card.
The Crypto.com Visa Card is already the largest Visa card program of its kind*, currently available in the US, Canada, 31 countries in Europe and in APAC. Further expanding the reach of the card and enriching its features are key pillars of the partnership. Having been granted Visa principal membership, Crypto.com will begin direct-issuance of the Crypto.com Visa Card in Australia, allowing Crypto.com to have a direct relationship with cardholders. Crypto.com also has plans to scale the Crypto.com Visa Card to many more markets around the world—including new markets and new customer segments that Crypto.com does not currently service. Beginning this month, Crypto.com will also start offering virtual cards in Europe, allowing users to instantly start spending without waiting for the physical card to be in-hand.
Crypto.com also announced today the creation of “Spending Power”, a first of its kind lending product custom-built for the Crypto.com Visa Card. Cardholders will be able to access crypto in their Crypto.com crypto wallet as collateral for a loan and instantly spend fiat anywhere Visa is accepted. With low interest rates and flexible repayment options, Spending Power will make the Crypto.com Visa Card unmatched among credit and debit cards.
Launched in Singapore in November 2018, the Crypto.com Visa Card was one of the first on the market. Following subsequent launches in the U.S. (Jul 2019), 31 markets in Europe, including the UK (April 2020), and Canada (November 2020), the Crypto.com Visa Card is the most widely available card of its kind in the world. Users can convert their crypto into one of the supported fiat currencies (EUR / GBP / HKD / SGD / USD / CAD) and pay with their card anywhere Visa is accepted, in-store and online, as well as being able to make cash withdrawals through ATMs. Perks of the card include up to 8% back on purchases, with no upper limits. The card program also includes 100% rebate on Spotify, Netflix and Amazon Prime, and no annual or monthly fees.
Kris Marszalek, Co-founder and CEO of Crypto.com said: “Having been a Visa partner for several years, we’re excited to deepen that relationship with a slew of world-firsts. 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. I’m also excited to deepen our relationship with our customers via direct-issuance of cards around the world and roll-out Spending Power -- allowing them to access the value of their crypto today.”
Cuy Sheffield, head of Crypto at Visa said: “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. Through our partnership with Crypto.com, one of the largest Visa card programs connected to a crypto exchange available today, we are making it quicker and easier for people to spend digital currency worldwide.”
*Visa data comparing payment volume (March 2020-Feb 2021) on card programs that enable consumers to spend from stored value held in cryptocurrency.
Crypto.com was founded in 2016 on a simple belief: it's a basic human right for everyone to control their money, data and identity. Crypto.com serves over 10 million customers today, with the world’s fastest growing crypto app, along with the Crypto.com Visa Card – the world’s most widely available crypto card, the Crypto.com Exchange and Crypto.com DeFi Wallet.
Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks. Crypto.com is headquartered in Hong Kong with a 1000+ strong team. Find out more by visiting https://crypto.com. For press inquiries: [email protected]