The Crypto.com cryptoactive exchange announced on Thursday (11) that it will start issuing the Crypto.com Visa card in Brazil, following launches in Singapore, United States, Europe, Asia and Pacific countries, Canada and Australia.
The company's crypto card will allow users to convert their cryptocurrencies into reais for use in payments wherever the Visa network is accepted. The confirmation comes just seven months after the company unveils its global partnership with Visa. Together with Australia, Brazil becomes the second country in which Crypto.com is a main member of the Visa network.
Now, the global cryptocurrency broker will be able to directly issue its own Visa cards in Brazilian territory. According to an official statement, the new development represents a major step in Crypto.com's mission to accelerate the adoption of cryptocurrency payments worldwide.
With the Crypto.com card, Brazilians will be able to convert their cryptocurrencies into reais to use in various payments in places where Visa is accepted.
The Visa Crypto.com card includes benefits such as up to 8% refund on all expenses. The card program also offers 100% refunds on Spotify, Netflix and Amazon Prime, and has no fee or annual fee. Its use can be better leveraged on cashback platforms such as Coingoback , which gives you back part of the amount spent on bitcoin .
Research shows interest in cryptocurrency cards
According to a recent study commissioned by Crypto.com, one in three Brazilians who have not yet invested in cryptocurrency said they would be ready to make that investment if they had a card that allowed them to withdraw from an ATM.
Meanwhile, more than a quarter of respondents said they would be ready to invest in cryptocurrency if they could convert and use those features to make purchases online or in person using a card.
“Brazil is an important market for Crypto.com,” said Crypto.com co-founder and CEO Kris Marszalek. “We will continue to bring our products and services to cryptocurrency users in Brazil. As we continue to expand into more markets, and as Visa's primary partner, as in the country, we believe customers will be able to benefit from our card program, unlocking their crypto amounts for payments and receiving crypto cashback whenever they use theirs. cards”.
“It is not a surprise that Brazil was the first country in Latin America. We are aware of the 'appetite' of Brazilians for innovation and we work together to create solutions that really provide opportunities for new consumption experiences in the crypto ecosystem, and with the convenience and security of Visa cards”, says Eduardo Abreu, Vice President of New Business of Visa do Brasil.
All of this comes at a crucial time for Crypto.com. The company has seen tremendous growth over the past 12 months and has doubled its staff to 2,600 employees worldwide. It has also seen its user base grow fivefold to over 10 million. In Q3 2022, the Crypto.com app became the #1 app in the US on Google Pay.
In May of this year, Crypto.com began localizing its products to users in Brazil by launching fee-free bank transfers in reais, using the Real as the currency in the Crypto.com app, and offering Brazilian Portuguese as a language option in the application and in exchange. Reais can be deposited using TED, DOC or PIX transfers.
Cuy Sheffield, Head of Crypto at Visa, added: “We want to serve as a bridge between the crypto ecosystem and our global network of 80 million merchants. We are happy and excited to be working with platforms like Crypto.com, which are looking to make it easier for users to use their digital currency balances wherever Visa is accepted.”
Users can request the virtual and physical card since Thursday through the Crypto.com app.
The survey commissioned by Crypto.com was carried out in October 2022 through an online panel on the Toluna platform in Brazil. 2,059 people were interviewed, 49% men and 51% women. Of the total public, 40% said they had made some kind of investment in cryptocurrencies last year and 60% said they hadn't. Respondents were between 18 and 55 years old, with 48% of them reporting having completed high school and incomplete higher education and 45% had completed higher education. More than half (52%) are from the Southeast region.
See also: 5 cards to use with bitcoin and cryptocurrencies in Brazil
The Cryptocurrency Card content is released by Crypto.com and Visa in Brazil first appeared in Cointimes .