Australian startup CryptoSpend to launch debit card in partnership with Visa

The Australian-based startup CryptoSpend has won approval from Visa to issue debit cards that enable payments in Bitcoin and other cryptocurrencies.

CryptoSpend making the news!

In an #interview with The Australian Financial Review, we share our story, thoughts on #crypto, and what’s coming soon for CryptoSpend. Check it out!https://t.co/iCnRjihFR4@FinancialReview #bitcoin #ethereum #cryptocurrency #fintech #payments

— CryptoSpend AU (@crypto_spend) July 14, 2021

The card will be linked to the startup’s digital wallet. It supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash and XRP.

The card will launch in September. It will be issued by ASX-listed company Novatti. Storage of digital assets will be handled by the licensed NYDFS custodian BitGo.

CryptoSpend has connected to the Reserve Bank of Australia-backed New Payments Platform Australia (NPPA). The arrangement enables users to instantly convert cryptocurrency into fiat and transfer funds to accounts at Australian banks.

According to Financial Review, Visa previously approved issuing debit cards for the Crypto.com platform, but the company has not yet announced timelines for the initiative. The BTC.com.au card allows users to spend cryptocurrencies using an EFTPOS card, but it does not manage its own wallet.

In the first half of 2021, holders of Visa cryptocurrency cards spent more than $1 billion with them.

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