The global payment giant Visa is moving forward with its commitment to digital currency adoption by approving the issuance of a new Bitcoin debit card in Australia. Australian crypto spending app CryptoSpend announced Wednesday that Visa had approved the issuance of a physical debit card that will allow Australians to spend their Bitcoin at local merchants. Several major financial institutions are warming up to cryptocurrency.
Visa is expected to announce the approval later this week.
CryptoSpend co-founders said in an interview with the Australian Financial Review that the new card will be issued by major local payments company Novatti and is expected to hit the market in September. Visa is expected to announce the approval later this week. According to the report, the upcoming crypto debit card will allow users to spend a set of major cryptocurrencies, including Bitcoin, Ether, XRP, and Bitcoin Cash. Users’ crypto holdings will be custodied by BitGo. CryptoSpend co-founder Andrew Grech said that the card would give Australians a way to cash out their Bitcoin profits as opposed to selling the cryptocurrency.
Visa has already approved the issuance of crypto spending cards for Binance and others.
According to 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. Andrew Grech further noted that spending crypto directly is a more convenient way of selling it.