2 years ago
271 Hong Kong-based digital asset exchange crypto.com has announced the launch of its Visa crypto card in Brazil.
“We’re excited to share that we have started issuing Crypto.com Visa Cards … in Brazil,” the company stated in a blog post.
No ATM Withdrawal Charges
The cards are different from the normal Visa credit cards because they are prepaid in nature and are recharged via fiat or cryptocurrencies.
According to the exchange, users applying for and receiving cards will not be charged any ATM withdrawal or monthly fees.
Additionally, the cards can convert all the tokens of the DeFi protocols stored in them in the market currency of the recipient. After the conversion, they can be used for ATM withdrawals or make purchases. The blog post also stated that the cards will be offering about 8% on spending and rebates on subscriptions in certain streaming platforms such as Amazon Prime, Netflix, and Spotify.
The exchange says Brazilians can apply for the card through the Crypto.com App, but they will pass through an approval process.
Before now, approved cardholders are given virtual cards they can use online. There was no provision for physical cards that can allow users to withdraw their funds on ATMs. But with the introduction of crypto debit cards, Brazilians can make a withdrawal directly with little or no withdrawal fees charged to their accounts. Crypto.com is popular for its issuance of the most widely used crypto-linked card offerings in the world. Its one of the company’s flagship products, and issued by Foris GFS BR LTDA through a license from Visa Worldwide Pte Limited.
Managerial Appointments
Crypto.com is also looking to expand its operations across the globe. As a result, it has recently made some managerial appointments to take care of its expansion goals. In September, Crypto.com appointed Patrick Yoon as the new General Manager for South Korea. He will be engaging with policymakers and industry leaders for a better understanding of the crypto sphere.
Yoon has years of experience in the South Korean regulatory industry and hopes to use his expertise to enhance Crypto.com’s operations in the Asian region.
