Crypto.com is the latest cryptocurrency exchange and payment service to join the Visa network.
Started in Singapore in November 2018, the Crypto.com prepaid Visa Card was one of the first tied to bitcoin and currently the largest Visa program, with 31 markets covered in Europe, as well as the U.K., Canada, and the U.S. Users exchange their crypto into the U.S. dollar, euro, British pound, and others, or pay with their card and make cash withdrawals anywhere where Visa is supported.
Backed by Visa, Crypto.com will issue Crypto.com Visa Card and scale the program to new markets. The company is in the process of shipping cards in Japan and Korea, Latin America, the Middle East, Africa, and Turkey. The card offers up to 8% cashback on purchases with no upper limits, a full rebate on Spotify, Netflix, and Amazon Prime, with no annual or monthly fees.Crypto.com also announced “Spending Power”, allowing cardholders to loan and spend fiat against their crypto holdings in their crypto.com registered wallets. The interest rate is expected to be 9.9%.
Launched in 2016, Crypto.com now has close to 10 million users, a quadruple growth in just the last four months, across all of its associated products and services. The company is poised for an IPO in 2023, as per co-founder and CEO Kris Marszalek. Marszalek, claims that the company’s revenue grew 10 times in 2020.
This week, Crypto.com announced the upcoming launch of its own NFT platform. “We are investing heavily in the NFT space, as we view this as one of the key drivers” of the industry, says Marszalek.
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