Australian digital assets start-up CryptoSpend gets approval from Visa to release a Bitcoin spending card. The co-founder stated that the card will allow Australians to cash out their bitcoin earning rather than spending it.
Visa, the world’s largest payment company, has approved the issuing of a new Bitcoin (BTC) debit card in Australia, demonstrating its commitment to digital currency adoption.
CryptoSpend, a Sydney-based cryptocurrency spending software, revealed on Wednesday that Visa has approved the issuance of a physical debit card that would allow Australians to spend Bitcoin at local businesses.
The new card will be issued by big local payments company Novatti, according to CryptoSpend co-founders in an interview with the Australian Financial Review. It is anticipated to enter the market in September. Visa is anticipated to make the announcement later this week.
The future crypto debit card, according to the source, will allow users to spend a variety of major cryptocurrencies such as Bitcoin, Ether (ETH), XRP, and Bitcoin Cash (BCH). BitGo will be the custodian of users’ crypto holdings.
Andrew Grech, the co-founder of CryptoSpend, stated that the card will allow Australians to cash out their Bitcoin winnings rather than 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.”
Visa has previously approved the issuance of crypto spending cards in Australia for some global crypto exchanges like Binance, according to the Financial Review, although they are not currently available in the country.
Crypto.com has also been approved as a direct issuer of Visa debit cards in Australia and is planning to launch a card soon.
