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The Australian digital assets startup known as CryptoSpend sure did catch the attention of the global payment solutions giant Visa (V) after it recently approved the release of a debit card that would allow users of the former to spend their bitcoin (BTC) in establishments that accept such mode of payment.
This will be the first time digital currencies can be spent through a payments card that’s being released in Australia, not to mention that it run on the network of one of the biggest international card schemes, Australian Financial Review writes. Further, this highlights the efforts of both Visa and Mastercard (MA) to spend bitcoin and other cryptocurrencies with ease.
CryptoSpend’s direct purchase feature
The most notable feature of CryptoSpend’s app is that users can make direct purchases using their crypto. Other offerings in the market as of late has this requisite of converting cryptocurrencies into fiat first before one can make a purchase.
The co-founder of CryptoSpend – Andrew Grech noted in an e-mail to CoinDesk that their card will give Aussies another avenue to spend their digital currencies on their day-to-day items. He said that anything from a movie ticket to a new pair of headphones can be purchased using their card.
Grech also said that spending it (bitcoin/cryptocurrencies) directly is “a more convenient way of selling it.” He further explained that if the market is green, someone could say it’s time to spend some of their profits. Others might have a gut feel that it’s going to keep going up and say they’ll just hold on to it a bit more. Grech went on to point out, though, that they usually notice more spending volume whenever prices are up.
Another CryptoSpend co-founder and Chief Operating Officer Richard Voice also revealed that they have users ranging from as young as 18 to 70-year-old grand moms as this according to him emphasizes the “growing appetite” for people of all ages to utilize crypto just like an everyday currency.
It was also learned that the Australian Stock Exchange-listed and digital banking payments firm Novatti will be the one responsible for the issuance of the cards. Would-be users of the service can expect the cards to be rolled out this September whereas BitGo – a digital asset and trust company will serve as the custodian of the crypto holdings.
Not just Bitcoin
Aside from the above-mentioned direct purchase feature, CryptoSpend’s app has its own wallet where users can hold their digital coins. Additionally, the app also enables its users to pay their utilities (accounts, bills, and the like) since they support cryptocurrencies like XRP, ether, Litecoin, bitcoin cash, and as stated earlier – bitcoin.
Meanwhile, Financial Review stated that Visa has greenlit the issuance of crypto-spending cards in Australia for global crypto exchanges like Binance. The thing though is that it’s not yet available in the said country. Crypto.com, on the other hand, became a principal member of Visa Australia in March, and also got an approval to be a direct issuer of Visa debit cards in Australia. Clearly, Aussies have a growing interest in crypto and it continues to be more evident on their financial scene. It is expected that other offerings would follow what CryptoSpend has done.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
