CryptoSpend is an Australian startup that is set to benefit from the new service by Visa. Cryptocurrency debit cards continue to grow in popularity as the Australian digital assets start-up confirms that it got approval from Visa to introduce a spending card in the country.
The global payments giant, Visa, is now moving forward with its commitment to digital currency adoption by approving the development and issuance of a new BTC debit card down under.
CryptoSpend, a Sydney-based crypto spending app, said on July 14, 2021, that Visa has approved the issuance of a physical debit card that will enable Australians to spend their bitcoin at local merchant shops.
CryptoSpend co-founders highlighted in an interview with the Australian Financial Review that the physical card will be issued by Novatti, a major local payments firm. It is expected to hit the market in September. Visa is expected to announce the approval of this partnership later in the week.
Based on the report, the upcoming crypto debit card will enable users to spend several major cryptos like XRP, Ether (ETH), Bitcoin, and Bitcoin Cash (BCH). The users’ cryptocurrency holdings will get entirely custodied by BitGo.
Andrew Grech, the CryptoSpend co-founder, said that the card will provide Australians with a means to cash out their Bitcoin profits as opposed to selling the crypto, saying:
“Spending it directly is a more convenient way of selling it. If the market is green, someone could say it’s time to spend some of my profits. On the other side of the fence, another person might say it’s going to keep going up, I’ll hold onto it. But we have seen more spending volume when the price is going up.”
Based on the Financial Review, Visa has already approved the issuance of cryptocurrency spending cards in Australia for some of the international crypto exchanges like Binance. However, they are not yet available in the country.
Crypto.com exchange also got approval to become a direct issuer of Visa debit cards in Australia and is now preparing to launch a card quite soon.