TL;DR Breakdown
- Visa is not backing down when it comes to the adoption of cryptocurrencies.
- Visa has decided to fulfill its promise to facilitate the adoption of cryptocurrencies.
- CryptoSpend has got the approval for a Bitcoin spending card for Australian citizens.
Digital currencies have become quite popular, and countries like El Salvador and South Korea have come forward in support of cryptocurrencies. In Australia, a Bitcoin spending card has been approved by Visa for a startup named CryptoSpend.
The card can be used to pay for goods and commodities anywhere in Australia. People can use the card to pay Bitcoins for the services they have received. Visa stuck to its promise of issuing Bitcoin debit cards.
Bitcoin spending card has a bright use case for investors
A Bitcoin spending card will come in handy for all the investors who are not willing to sell their Bitcoin on exchanges. The thing is that these cards be used for trading the cryptocurrencies for cash directly.
If an investor is able to quickly sell their Bitcoin and other cryptocurrencies directly for a service, this makes a better option than selling cryptocurrencies for direct cash. As Andrew Gretch, the co-founder of CryptoSpend says, if a holder of cryptocurrencies has earned a profit by trading or investing, he or she can use their cryptocurrencies to buy services and goods and treat themselves.
A formal announcement is expected later this week
The official announcement by the global payment giant will be made sometime later this week, and the actual card will be released in the month of September this year. The card will support all major cryptocurrencies like Bitcoin, Ether, Bitcoin Cash, Ripple, and many more that might be added as time passes.
The card will be issued to each owner by a local payments firm that is called Novatti, and BitGo will be responsible for the custody of every user’s crypto holdings. Recently, Crypto.com also got permission for the distribution of their Bitcoin spending card, which is gearing up for launch.
