The Sydney-based cryptocurrency consumer application CryptoSpend announced on Wednesday that Visa has approved the issuance of physical debit cards, allowing Australians to spend bitcoins at local businesses.
Co-founder of CryptoSpend Say In an interview with the Australian Financial Review, the new card will be issued by Novatti, a major local payment company, and is expected to be listed in September. Visa is expected to announce approval later this week.
According to reports, the upcoming crypto debit card will allow users to use a set of major cryptocurrencies, including Bicoin, Ether (Ethereum), Ripple, And Bitcoin Cash (Bitcoin cash). The user’s encrypted assets will be kept by BitGo.
CryptoSpend co-founder Andrew Grech stated that the card will provide Australians with a way to cash in on their bitcoin profits instead of selling cryptocurrencies, noting:
“Direct consumption is a more convenient way to sell. If the market is green, someone will say it’s time to spend some of my profits. On the other side of the fence, another person may say it will continue to rise, and I will Keep going. But when prices rise, we see more consumption.”
According to the Financial Review, Visa has approved the issuance of encrypted consumer cards in Australia for Binance and other global crypto exchanges, but has not yet issued them in that country.Cryptocurrency exchange Crypto.com also Be approved as a direct issuer Australia’s Visa debit card, and plans to launch a card soon.
Visa did not immediately respond to Cointelegraph’s request for comment.