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Visa Approves Australian Startup to Issue Bitcoin Debit Cards

Visa Approves Australian Startup to Issue Bitcoin Debit Cards

According to the Australian Financial Review, with the announcement of a new physical debit card on Wednesday, Australians will soon be able to spend cryptocurrency at existing brick-and-mortar point-of-sale locations.

CryptoSpend

Local Australian startup CryptoSpend has been licensed by global payments giant Visa to distribute debit cards to its clients. CryptoSpend was created by just two mates from the University of Technology. Those who use the CryptoSpend app can then pay at retail outlets and hospitality venues with bitcoin and other compatible coins.

Users of CryptoSpend’s app can make direct purchases instead of converting crypto to fiat. Most apps in the market, do not do that.

CryptoSpend co-founder Andrew Grech revealed that the card would provide Australians with another “flexible approach” to spend their cryptocurrency on ordinary products.

“Anything from a movie ticket to a new pair of headphones,” Grech explained.

A software to store coins

According to AFR, a New York-licensed custodian, ASX-listed Novatti will issue the cards, and BitGo will get custody of the crypto holdings.

Through supported cryptos such as bitcoin, ether, XRP, bitcoin cash, and litecoin, users can spend their crypto. In addition to that even payout to their account, and pay bills with CryptoSpend’s app. The software comes with its wallet, which users may use to store their coins.

Voice of the founder

Richard Voice, co-founder & COO of CryptoSpend, said:

“We have customers that range from 18-year-old students to 70-year-old grandmothers. This further emphasizes the growing appetite for people of all ages to use crypto as an everyday currency.”

Australia’s Economic Market

Indeed, the action reflects Australia’s economic market’s growing enthusiasm for cryptocurrencies. Crypto.com, based in Hong Kong, became a leading member of Visa Australia in March, allowing it to provide its version of a crypto Visa card in Australia directly.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.