The issuance of a physical debit card allows users of the CryptoSpend app to spend bitcoin trading winnings has been approved by Visa.
It will be the first time that cryptocurrencies can be purchased by Cryptospend app with an Australian-issued payment card that connects to an international card scheme’s network and can be used at existing payment terminals. Visa’s move also emphasizes the company’s efforts to make it easier for people to buy things with digital currencies.
CryptoSpend, which was launched last October, is already linked to the (RBA) Reserve Bank of Australia’s “new payments platform” (NPP). This allows users to rapidly transfer cryptocurrency balances to Australian bank accounts. Customers may currently use their crypto holdings to pay bills through the app.
CryptoSpend expects a rise in users when the Visa card is released since its user base was only growing by 100 per month. Richard Voice, one of the co-founders of CryptoSpend, predicted that the service will grow in popularity.
Voice said: “you will find some people hold until bitcoin hits X price, but you will find other people that say ‘I have made $400 today, I am going to use my CryptoSpend card at the pub tonight.”
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