Cryptocurrency exchange platform and card issuer Crypto.com has become the latest cryptocurrency exchange and payment service to join the VISA network.
Its partnership with VISA will now enable it to debut fiat lending.
The company is fresh off launching a $200 million crypto investment fund earlier in March to support startups in the industry. And it has now inked a global partnership with the credit and debit card payment giant that includes Crypto.com becoming a principal member of the Visa network in Australia.
According to the press release by Crypto.com, this collaboration is in line with the company’s effort to expand the reach of its crypto Visa card that is already being 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.
Commenting on the Visa partnership, Crypto.com CEO Kris Marszalek said:
“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.”
Crypto.com now plans to begin direct issuance of its Visa card in Australia, and the company says that it will use its presence in the country to pursue greater market penetration for its card services across the globe.
Alongside its physical Visa card product, Crypto.com will also begin to issue virtual cards within Europe.
The company has 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.
This offering is the latest addition to the booming crypto lending ecosystem, with BlockFi, Celsius, and Nexo leading the surge.
Founded in 2016, Crypto.com currently has approximately 10 million users across a variety of products and services including a cryptocurrency exchange and a DeFi wallet. This number is double from what the company had four months ago.
The startup has not raised an institutional round yet, but the company is considering an IPO in 2023.
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