Cryptocurrency exchange platform and card issuer Crypto.com has partnered with Visa and plans to debut fiat lending.
Crypto.com is now the latest cryptocurrency exchange and payment service to join the Visa network.
According to a press statement issued on Wednesday, Crypto.com has inked a global partnership with the credit/debit card payment giant which includes becoming a principal member of Visa’s network in Australia.
As part of the press release, Crypto.com revealed that the collaboration with Visa was in line with the company’s efforts to expand the reach of its crypto Visa card.
Crypto.com’s Visa card is already used in more than 30 countries around the world, including the United States, Canada, as well as nations in Europe and across the Asia-Pacific.
Crypto.com plans to begin direct issuance of its Visa card in the country, and the company says it will use its presence in Australia to pursue greater market penetration for its card service across the world.
Apart from its physical Visa card product, Crypto.com will also reportedly begin to issue virtual cards within Europe.
Commenting on the Visa partnership, Crypto.com CEO Kris Marszalek remarked:
“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.”
As part of the official communique, the company also announced the rollout of its fiat lending program, dubbed “Spending Power.” With this new product, Crypto.com Visa cardholders will be able to use the cryptocurrency balance in their wallet as loan collateral and spend fiat in merchant platforms that support Visa payments.
Earlier in March, Crypto.com launched a $200 million crypto investment fund to support startups in the industry. Crypto.com is also sponsoring the Aston Martin Formula 1 racing team as the British carmaker marks its return to the F1 circuit after a 61-year hiatus.