Crypto Exchange & Payment Network, Crypto.com, Becomes VISA Principal Member in Australia
VISA Cards for Australian Crypto Users
The crypto-facing company, headquartered in Hong Kong, said that this partnership would see them issue VISA cards to their customers in Australia.
The exchange had set the stage for the move by securing approval from the Australian Foreign Investment Review Board to transact business in the country. Crypto.com secured the approval through an acquisition of an Australian card-issuing firm called The Card Group Pty Ltd.
Crypto.com customers can now convert their cryptocurrencies into cash to spend at retailers that accept VISA cards.
CEO of Crypto.com Kris Marszalek noted in the post:
“Having been a Visa partner for several years, we’re excited to deepen that relationship with a slew of world-firsts. Signing the global partnership with Visa and becoming a principal member with the world’s leader in digital payments affirms our commitment to accelerate the world’s transition to cryptocurrency.”
This partnership will serve as a boost for the crypto trading platform. The partnership opens up the Australian market for Crypto.com and allows them to deepen their relationship with their customers.
Crypto.com has now launched its VISA card offering in 31 countries, including the US, Canada, Europe, and the Asia-Pacific region.
The exchange also plans to launch a service dubbed “Spending Power,” which would allow cardholders receive fiat loans collateralized with crypto.
Crypto.com Launches Venture Arm To Boost Crypto Adoption
Crypto.com (formerly Monaco) has been driven by the singular goal of creating greater awareness for cryptocurrencies.
To fulfill its crypto-literacy mission, the company launched a new venture arm called Crypto.com Capital on March 4, 2021. The department will focus on funding crypto startups and has earmarked $200 million for that purpose.
The venture arm will release seed funds for crypto-focused startups from $100,000 through to $3 million. Further investments in the Series A funding round would see the successful startup get between $3 million to $10 million.
It also made a foray into the sporting arena through a partnership deal with Formula 1 team Aston Martin Racing Team. According to Business Insider reports, the partnership will be a multi-year sponsorship deal as the British racing team is set to return to the Formula circuit after leaving in 1960.
With this deal signed, Crypto.com would see its logo placed on the Aston Martin F1 car, and the competition's 87.4 million fans could prove a major attraction for the crypto exchange.
Crypto.com has seen its community grow as crypto-assets have surged. The crypto-facing company saw its community members double to 10 million crossing the 5 million mark set in October 2020.