A digital asset exchange based in Hong Kong, crypto.com has started issuing Visa crypto cards for its users in Brazil. The firm said that users receiving and applying for cards won’t be charged any annual, monthly, or ATM withdrawal fees.
As opposed to normal Visa cards that provide a line of credit, these crypto Visa cards are prepaid in nature. These need to be recharged using cryptos or fiat currencies. These cards can transform all the tokens of the decentralized finance (DeFi) protocol saved in them into the respective market’s currency, which can then be utilized for ATM withdrawals and purchases.
Announcing the expansion, the asset exchange firm wrote in a blog post the Crypto.com Visa Card offers up to 8% back on LoungeKey airport lounge access, spending and 100% subscription rebates for Netflix, Spotify and Amazon Prime.
After having applied for the card, Brazilian citizens will have to clear an approval process. As soon as the clearance comes through, users will be issued a virtual card that would be usable prior to the physical card arrives. As of now, the crypto Visa card that is available in Europe, the US, Canada, the UK and Singapore, is entering Brazil possibly amid crypto adoption gaining pace there.
Earlier this week, Luizão Goulart, a Brazilian parliamentarian put forward a bill to legalize crypto as a form of payment for workers in the private and public sectors.