Hong Kong-based digital asset exchange crypto.com has started issuing Visa crypto cards to consumers in Brazil. Consumers who apply for and receive the card will not be charged monthly, annual fees, or withdrawing money from ATMs, the company said.
Unlike regular Visa credit cards that offer lines of credit, this Visa crypto card is prepaid and must be topped up with fiat or crypto currency. These cards can be stored in all tokens of the Decentralized Finance Protocol (DeFi) and converted into the appropriate market currency, which can be used for purchases and withdrawals at ATMs.
“Crypto.com is offering an 8% refund for Visa, access to the LoungeKey Airport Lounge and a 100% subscription discount for Spotify, Netflix and Amazon Prime,” the real estate company wrote in a blog post announcing the expansion.
The identification process needs to be clarified as soon as Brazilian citizens apply for the card. Once approved, the user is given a virtual card that can be used before the actual card arrives.
The Visa Crypto Card currently available in the United States, Europe, United Kingdom, Canada and Singapore may become more prominent in Brazil.
In October, Brazil’s top 99, which handle taxis, allowed the sale and purchase of Bitcoins via the digital wallet app 99Pay.
In fact, earlier this week, Brazilian lawmaker Luisao Goulart proposed a bill to legalize cryptocurrencies as a means of payment for workers in the public and private sectors.
If the bill is approved, Brazil could become the second country to recognize Bitcoin as legal tender after El Salvador completed the process in September.
The total value of the crypto market hit $3 trillion (roughly Rs 2,22,79,296) earlier this week, according to market research tracker CoinGecko.