Crypto.com announced on Thursday it will issue Brazil users with a Visa crypto card. The announcement comes after the exchange recently launched services in Canada and Australia, Asia and Pacific countries, Europe, the United States and Singapore.
According to the post published on its site, the company’s Visa crypto card will offer Brazilians up to 8% on spending and rebates — if they subscribe (using the card) to popular streaming platforms such as Amazon Prime, Netflix and Spotify.
Meanwhile, Brazilians applying for the card will have to pass through Crypto.com’s App for approval. And while they wait to get a physical card, approved cardholders will temporarily use a virtual Visa card processed by the cryptocurrency exchange.
In addition, Crypto.com assured Brazilians to scrap off annual or monthly fees — or ATM withdrawal fees — as long as they use the crypto-linked Visa Card.
Research shows massive interest in crypto cards
According to a study by the crypto exchange, one out of three Brazilians is ready to invest in crypto if they had a card that could withdraw money from an ATM.
About 25% of respondents said investing in crypto is inevitable if they can convert digital money into local currency to make purchases online or in-person using the card.
Kris Marszalek, CEO and co-founder of Crypto.com, said Brazil is a target market for their company to invest in. The crypto exchange promises “to bring products and services to cryptocurrency users in Brazil”.
Marszalek adds Crypto.com “believe[s] customers will be able to benefit from [the Visa] card program, unlocking their crypto amounts for payments and receiving crypto cashback whenever they use their cards.”
Crypto.com appoints new general manager
The major digital asset exchange with a global presence appointed Patrick Yoon as the new general manager for South Korea.
Mr. Yoon worked as a country manager at Visa before joining Crypto.com three months ago. He’s expected to engage with policymakers and industry leaders to create a better understanding of the crypto industry (and the impact of Bitcoin trading).
Yoon is acquainted with South Korea’s regulatory rules on financial services, noting his three-year tenure at Visa as a country manager for South Korea and Mongolia.
Before joining Visa, he spent almost half of his career at Standard Chartered Bank. Then later scaled the corporate ladders to become a managing director and South Korea’s country head for retail banking. Yoon boasts almost 25 years in the career. Back in the day, as a young man, he worked at Morgan Stanley’s investment banking division.
