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Crypto.com Expanding Payment Card to Australia After Becoming Visa Principal Member

Crypto.com is now a principal member of Visa's Australia network.

Updated May 9, 2023, 3:17 a.m. Published Mar 18, 2021, 4:06 p.m.

Hong Kong-based Crypto.com has become a principal member of Visa Australia, allowing it to expand its card offering to the nation.

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The principal membership means Crypto.com is able to directly offer the Visa card in Australia, a factor it says allows the firm to "have a direct relationship with cardholders."
Laying the groundwork for the move, the firm secured an Australian Financial Service License through an acquisition in December.
Crypto.com said its Visa card is now available in 31 countries including the U.S, Canada, Europe and in the Asia-Pacific region.
The card allows users to convert their cryptocurrencies into fiat currencies for spending at Visa-accepting retailers.
Crypto.com plans to expand the card into other new markets and will start offering virtual cards in Europe this month.
Also on Thursday, the company said it will introduce fiat currency lending backed by crypto collateral.
Dubbed “Spending Power,” the upcoming service will allow cardholders to use the crypto holdings in their Crypto.com wallet as collateral for loans that can be spent via the card.

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Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.