Visa Inc. is reportedly set to approve CryptoSpend issue debit cards that will allow customers to spend digital assets as a form of payment.
Visa, the American multinational financial services corporation headquartered in Foster City, California. Is expected to disclose the news at the end of the week. The issuance of the crypto debit card will give users of the CryptoSpend application the possibility to utilize their virtual currencies through existing payment terminals.
“We have customers that range from 18-year-old students to 70-year-old grandmothers. [This] further emphasizes the growing appetite for people of all ages to use crypto as an everyday currency.”Richard Voice, co-founder & COO of CryptoSpend
CryptoSpend was launched in October 2020 and supports bitcoin, bitcoin cash, ether, litecoin, and XRP.
The firm has taken every measure to guarantee its users’ privacy and security in compliance with anti-money laundering requisites. CryptoSpend is also linked to the central bank-backed New Payments Platform. Consequently allowing customers to instantly move crypto to Australian bank accounts.
“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.”Andrew Grech, co-funder of CryptoSpend
Back in November 2018, the Crypto.com Visa Card was issued in Singapore. With time, it started to be available in the US, Canada, Europe, and the countries in Asia-Pacific. Therefore with this feature, users can trade digital currencies in the U.S. dollar, Canadian dollar, British pound, euro, Hong Kong dollar, and again Singapore dollar. They can also make credit or debit transactions and ATM withdrawals.