The crypto-fiat trading platform Zipmex is collaborating with Visa to take its payment services to another level.
Zipmex, a digital assets exchange headquartered in Singapore, also operates in Thailand and Australia. The firm counts more than 200,000 users and was granted the license from the Thai regulatory authorities back in 2020. Now, the growing platform will join forces with payment giant Visa, and its 70 million merchants spread around the world.
“Visa is the perfect partner for us as we move forward with our innovative payment products. Visa has proven itself over the last 10 years to be at the forefront of payment innovation, a strategy that aligns very much with our own. We thank Visa for its support and look forward to a strong and lasting relationship.”
Zipmex is now focused on releasing a Visa-branded payment card in the following months.
The new feature will give cardholders the possibility to convert their virtual assets to fiat currency. Users will be able to spend the amount anywhere Visa is accepted. A new card though will still have to be approved by the regulatory authorities of each country.
“Any payment product we release will have been approved by the respective regulatory bodies first. As we are in the unique position of launching the first product of this kind, we have been able to provide support and guidance to help regulators pass effective digital asset legislation. This has been one of the more fulfilling aspects of this project.”
Visa has also collaborated with Crypto.com to authorize the direct issuance of a crypto card in Australia. Several benefits came from this partnership, like reduced costs, faster transactions, and international accessibility. The platform has also been exploring the possibility of extending this service in other countries as well.
The issuing of Visa Cards goes together with the initiation of “Spending Power”, a digital currency lending feature created for the Crypto.com cardholders. This allows users to utilize the cryptocurrency in their digital wallets as collateral for a loan. Then, they can spend fiat currency anywhere Visa is supported.
