Global payments giant Visa has approved Australian startup CryptoSpend to issue debit cards for its users that facilitate Bitcoin payments. The move signals a growing interest in cryptocurrencies among Australians who’d like to leverage digital assets in various transactions. Australians Can Spend Bitcoin With Visa Debit Card Now Australians can pay for anything from a movie ticket to a pair of new jeans with digital currencies, according to CryptoSpend co-founder Andrew Grech. The company has recently won Visa’s approval to issue physical debit cards that make it easier for people to make direct crypto payments. But before its roaring success, CryptoSpend had to undergo rigorous testing to guarantee the security and privacy of its users’ data and compliance with anti-money laundering regulations. The company is expected to announce the approval later this week, following which it will introduce the new debit cards for its customers. The cards can be used at crypto-supporting retail establishments and hospitality venues and don’t require users to convert their crypto to fiat money before the transactions. According to the Australian Financial Review, the debit cards will roll out from September and will be issued by ASX listed firm Novatti, while the custody of the crypto holdings will be handled by digital asset trust company BitGo. Australia Shows Growing Appetite for Cryptocurrencies Founded in 2018 by two students at the University of Technology, CryptoSpend allows its consumers to spend their digital asset holdings, pay bills, and transfer funds to accounts with cryptocurrencies supported on the platform, which include Bitcoin, Ethereum, XRP, Litecoin, and Bitcoin Cash. The company’s app offers its users a wallet on which they can maintain their tokens. Interestingly, the company’s user base isn’t restricted to young millennials and Gen Z. Richard Voice, co-founder & COO of CryptoSpend says the company’s customers “range from 18-year-old students to 70-year-old grandmothers.” He believes this an indication of Australia’s growing appetite for cryptocurrencies in everyday transactions. Crypto transactions have been gathering momentum in Australia’s financial markets this year. Besides CryptoSpend, many companies have shown an interest in offering services that facilitate payments in digital assets. In March, Crypto.com, which is headquartered in Hong Kong, became a principal member of Australia’s Visa network. This allowed the firm to offer its Visa card in the country that helps users convert cryptocurrencies into fiat money for spending at Visa-accepting retail outlets.
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