Residents of Australia will soon be able to utilize bitcoin and other cryptocurrencies for payments at retail outlets throughout the nation thanks to a partnership between Crypto Spend – a digital currency startup in the Great Outback – and financial giant Visa.
Visa and Crypto Spend Are Releasing a New Credit Card
Thanks to a new Visa credit card that Crypto Spend is releasing, Australians will be able to spend digital currency on goods and services at nearby stores by loading digital currency from their online accounts into the cards. The method has proven quite popular over the years, with crypto exchanges such as Coinbase having released versions of these cards as well.
For the most part, Visa has been a huge crypto advocate and has done quite a bit to ensure that digital currencies earn their place in modern financial markets. Recently, the company formed another partnership with blockchain company Block Fi. Together, both enterprises released a separate card that allowed people to garner bitcoin rewards on purchases. Users could earn as much 1.5 percent in BTC on everything they bought. Rewards would go up to two percent once they spent $50,000.
Earlier in the year, Visa announced that its customers would soon have access to crypto-buying services before the end of 2021.
Co-founder of Crypto Spend Andrew Grech explained in an interview that the purpose of the card was to give Australians a “flexible way” to utilize crypto as it was meant to be used. Initially, cryptocurrencies like bitcoin were designed as payment tokens that would one day eliminate checks and fiat currencies, though this path has been slow given the volatility that has often come with mainstream forms of crypto like BTC.
Grech is hoping the card can change all that, claiming that the item could be used to purchase “anything from a cinema ticket to your new pair of headphones.”
COO of Crypto Spend Richard Voice also commented on the situation, stating:
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.
A Few Additional Details
The card will be available to Australians in early September of this year. It will be issued by financial firm Novatti – which is listed on the Australian Stock Exchange (ASX) – while the banking and monetary services company known as Bit Go – based in New York – will be tasked with holding all the digital units owned by Crypto Spend customers.
Among the cryptocurrencies that Crypto Spend offers its users are bitcoin, Ethereum, Ripple’s XRP, bitcoin cash, and Litecoin. The firm also offers a wallet app that allows customers to maintain and hold their own coins without the assistance of a third-party custody business.