Australia based spending app CryptoSpend has convinced  American multinational financial service corporation Visa for the issuance of physical prepaid debit the card that will enable CryptoSpend app users to make payments in local shops with their Australian cryptocurrency holdings.

As per the report, the user of the app does not have to convert their cryptocurrency holdings to fiat. The different sets of cryptocurrencies including bitcoin, Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) can be used directly to make the payments through this prepaid debit card. Global software technology provider Navatti Group which is also an ASX-listed company will be issuing the card and it will be available in the market around September. The user’s crypto holdings will be custodied by the New-York licensed custodian Bitgo. As per the co-founder of CryptoSpend, Andrew Grech this debit card will enable Australians use their Bitcoin profits for payments instead of selling them.

In Australia, it will be the first time that users will be using cryptocurrencies to make daily payments through an Australian payment card. CryptoSpend is an Australian digital asset start-up created by two University of Technology classmates Andrew Grech and Richard Voice and was launched last October. To make sure about the privacy and security of user’s information and compliance with the anti-money laundering regulations, Visa put both through a rigorous process. The co-founder and COO of CryptoSpend, Richard Voice said “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.”

Is there any other spending card approved by Visa

Visa has already authorized the issuing of spending cards for many global bitcoin exchanges including Binance and these cards are available outside Australia

Another debit card about to launch in the Australian market

In March, direct issuer of VISA debit card in Australia has been already authorized to Hong-Kong-based Crypto.com and soon their cards are going to hit the market.

Indrani bose

CBW - External Analyst

INDIA