Visa is Going to Approve Bitcoin Card for Australian startup CryptoSpend
Crypto debit cards keep gaining more popularity an Australian digital assets startup gets approval from Visa to release a Bitcoin spending card.
Global payment behemoth Visa has done the final steps towards its commitment to digital currency adoption by legalizing the issuance of a new Bitcoin (BTC) debit card in Australia.
Sydney-headquartered crypto spending app CryptoSpend said Wednesday that Visa has approved the issuance of a physical debit card that will enable Australians to spend their Bitcoin at local merchants.
CryptoSpend co-founders explained in an interview with the Australian Financial Review that the new card will be issued by popular local payments company Novatti and is scheduled to hit the market in September. Visa is considered to announce the approval later this week.
Following the report, the upcoming crypto debit card will enable users to use some of major cryptocurrencies including Bitcoin, Ether (ETH), XRP and Bitcoin Cash (BCH). Users’ crypto holdings will be custodied by BitGo.
CryptoSpend co-founder Andrew Grech said that the card will give Australians a way to cash out their Bitcoin profits as opposed to selling the cryptocurrency, stating:
“Spending it directly is a more convenient way of selling it. If the market is green, someone could say it’s time to spend some of my profits. On the other side of the fence, another person might say it’s going to keep going up, I’ll hold onto it. But we have seen more spending volume when the price is going up.”
Follwoing the Financial Review, Visa has already approved the issuance of crypto spending cards in Australia for some global crypto exchanges like Binance, but they are not yet available in the country. Crypto exchange Crypto.com also received approval to be a direct issuer of Visa debit cards in Australia and is preparing to launch a card soon.