Hong Kong-based digital asset exchange crypto.com has begun issuing Visa crypto cards for its users in Brazil. Users applying for and receiving the cards will not be charged any monthly, annual, or ATM withdrawal fees, the company has said. Unlike normal Visa credit cards that offer a line of credit, these crypto Visa cards are prepaid in nature and need to be recharged using fiat or cryptocurrencies. These cards can convert all the tokens of the decentralised finance (DeFi) protocol stored in them into the respective market’s currency, which can then be used for purchases and ATM withdrawals.
“The Crypto.com Visa Card offers up to 8 percent back on spending, LoungeKey airport lounge access, and 100 percent subscription rebates for Spotify, Netflix, and Amazon Prime,” the asset exchange company wrote in a blog post announcing the expansion.
Brazilian nationals will have to clear an approval process after having applied for the card. As soon as the clearance comes through, users will be issued a virtual card that would be usable before the physical card arrives.
The crypto Visa card that is currently available in the US, Europe, the UK, Canada, and Singapore, is entering Brazil perhaps amid crypto adoption picking pace there.
In October, Brazilian cab-hailing major 99 enabled the sale and purchase of Bitcoin via its digital wallet app 99Pay.
In Fact, earlier this week, Brazilian parliamentarian Luizão Goulart proposed a bill to legalise cryptocurrency as a form of payment for workers in the public and private sectors.
If the bill does get cleared, Brazil could become only the second country to approve Bitcoin as legal tender, after El Salvador went through with the process in September.
Earlier this week, the overall valuation of the crypto market reached the $3 trillion (roughly Rs. 2,22,79,296 crore) mark, as per market research tracker, CoinGecko.