CryptoSpend is a Bitcoin spending card that lets you spend your crypto anywhere Mastercard is accepted. The card creates a payment link on your phone that links to your CryptoSpend account and instantly transfers your crypto to your PIN. The card is available for purchase in $5, $10, $15, $30 and $50 denominations. CryptoSpend has agreements with distributors to service their specific markets: Australia, Canada, Europe, Hong Kong, Taiwan and South Korea.
Cryptocurrencies are slowly becoming a part of everyday life, but as of yet, they are not accepted everywhere. But that could soon change, with Visa recently confirming it is working on a Visa card that will allow users to pay using cryptocurrency.
Global payments giant Visa continues to push for the adoption of digital currency by approving the issuance of a new Bitcoin debit card (BTC) in Australia.
CryptoSpend, a Sydney-based cryptocurrency issuance app, announced Wednesday that Visa has approved the issuance of a physical debit card that will allow Australians to spend their bitcoins at local merchants.
CryptoSpend co-founders told the Australian Financial Review that the new card will be issued by local payments major Novatti and is expected to launch in September. Visa is expected to announce the approval later this week.
According to the report, the upcoming cryptocurrency payment card will allow users to issue a number of major cryptocurrencies, including Bicoin, Ether (ETH), XRP and Bitcoin Cash (BCH). Users’ cryptocurrencies are stored in BitGo.
Andrew Grech, co-founder of CryptoSpend, said the card would allow Australians to collect their bitcoin income instead of selling the cryptocurrency :
Direct issues are a more convenient way to sell. If the market is green, you might say it’s time to spend some of my profits. On the other side of the fence, someone else might say that stocks will continue to rise, I will continue to push them up. But we saw more spending as the price went up.
Related: Visa reports more than $1 billion in cryptocurrency spending in the first half of 2021
According to the Financial Review, Visa has already approved the issuance of cryptocurrency debit cards in Australia for some global cryptocurrency exchanges like Binance, but they are not yet available in the country. Crypto.com has also received approval to become a direct issuer of Visa debit cards in Australia and is preparing to launch the card in the near future.
Visa did not immediately respond to Cointelegraph’s request for comment.
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