TL;DR Breakdown
- Visa partners with Crypto.com to expand its services to new marketplaces.
- Crypto.com also unveiled a new lending product.
- This new service will give users access to fiat loans using their crypto assets as collateral.
Visa Inc. partners with Crypto.com
On Thursday, Visa Inc. revealed that it has partnered with the crypto platform, Crypto.com, to expand its services to new marketplaces. Crypto.com also revealed that it would launch fiat lending services for its users. For the firm, the partnership also covers membership in Visa’s Australian network.
Crypto.com’s prepaid Visa Card has become the first card to be linked to Bitcoin. Cardholders are now able to exchange their crypto assets for fiats such as USD, Euro and other supported currencies. This also allows users to make payments and withdrawals using their card.
Visa plans to expand to other regions
Now that Crypto.com has a principal membership, it can start issuing Crypto.com Visa cards to its Australian users. Also, the firm revealed its plans to start shipping the cards to other regions including Japan, Africa, the Middle East, Turkey, and Latin America. Through the program, cardholders can enjoy about 8% cashback and many other benefits when they make purchases.
Crypto.com also revealed the launch of a new product that will allow users to lend fiat currency using crypto assets in their wallets. This will make users hold their crypto assets in their wallets as opposed to spending them. The new product from Crypto.com makes it the latest member in the surging lending market.
The payments company revealed that the partnership will provide easier and broader ways of spending crypto assets. At the moment, it has partnered with 35 different crypto platforms which include Binance. A couple of days back, Crypto.com revealed its plans to launch its own NFT (Non-Fungible Token) protocol.
