Today, Hong Kong-based payment and cryptocurrency platform Crypto.com announced a global partnership with Visa that also includes principal membership in Visa’s network in Australia. The company also plans to roll out fiat lending against bitcoin and other cryptocurrencies as collateral via the Crypto.com Visa Card V -2.9%.
Launched in Singapore in November 2018, the Crypto.com pre-paid Visa Card was one of the first cards tied to bitcoin on the market and is currently the largest Visa program of its kind, with 31 markets covered in Europe, as well as the U.K., Canada, and the U.S., where it launched in July 2019. Users can convert their crypto into one of the supported fiat currencies, such as the U.S. dollar, euro, British pound, and others, pay with their card and make cash withdrawals anywhere Visa is accepted.
With Visa principal membership, Crypto.com will begin direct issuance of the Crypto.com Visa Card in Australia and scale the program to new markets. The company is in the process of shipping cards in Japan and Korea, Latin America, the Middle East, Africa, and Turkey. Its ultimate objective is to make the services available everywhere outside of China. The card program offers up to 8% cashback on purchases with no upper limits, a full rebate on Spotify, Netflix NFLX +1%, and Amazon Prime, and no annual or monthly fees.