Visa to approve Bitcoin spending card for Australian startup CryptoSpend

Crypto debit cards continue to catch on as an Australian digital assets startup gets approval from Visa to unharness a outlay card down below.

Global payment big Visa is moving forward with its commitment to digital currency adoption by approving the provision of a replacement Bitcoin (BTC) positive identification in Australia.

Sydney-based crypto defrayment app CryptoSpend proclaimed Wed that Visa has approved the provision of a physical positive identification which will enable Australians to pay their Bitcoin at native merchants.

CryptoSpend co-founders said in associate interview with the Australian monetary Review that the new card are going to be issued by major native payments company Novatti and is anticipated to hit the market in Sept. Visa is anticipated to announce the approval later in the week.

According to the report, the future crypto positive identification can enable users to pay a collection of major cryptocurrencies as well as Bitcoin, Ether (ETH), XRP and Bitcoin Cash (BCH).. Users’ crypto holdings are going to be custodied by BitGo.

CryptoSpend co-founder Andrew Grech same that the cardboard can offer Australians the way to live their Bitcoin profits as critical commerce the cryptocurrency, stating:

“Spending it directly is a more convenient way of selling it. If the market is green, someone could say it’s time to spend some of my profits. On the other side of the fence, another person might say it’s going to keep going up, I’ll hold onto it. But we have seen more spending volume when the price is going up.”

Related: Visa reports over $1 billion in crypto spending in H1 2021

According to the Financial Review, Visa has already approved the issuance of crypto spending cards in Australia for some global crypto exchanges like Binance, but they are not yet available in the country. Crypto exchange Crypto.com also received approval to be a direct issuer of Visa debit cards in Australia and is preparing to launch a card soon.

Visa did not immediately respond to Cointelegraph’s request for comment.