A digital asset exchange established in Hong Kong In Brazil, crypto.com has started offering Visa crypto cards to its members. Users who apply for the cards and receive them will not be charged any monthly, yearly, or ATM withdrawal fees, according to the business. Unlike traditional Visa credit cards, which provide a line of credit, crypto Visa cards are prepaid and must be refilled with fiat or cryptocurrency. These cards can convert all of the DeFi protocol’s tokens stored in them into the currency of the respective market, which can subsequently be used for purchases and ATM withdrawals.
In a blog post announcing the expansion, the asset exchange business noted, “The Crypto.com Visa Card gives up to 8% back on spending, LoungeKey airport lounge access, and 100% subscription refunds for Spotify, Netflix, and Amazon Prime.”
After applying for the card, Brazilian citizens must go through an approval process. Users will be provided a virtual card as soon as the clearance is received, which will be functional until the actual card arrives.
The crypto Visa card, which is now accessible in the United States, Europe, the United Kingdom, Canada, and Singapore, is also available in Brazil, possibly as the country’s crypto usage accelerates.
99, a Brazilian taxi company, permitted the selling and purchase of Bitcoin via its digital wallet software 99Pay in October.
Indeed, Brazilian politician Luizo Goulart submitted a measure earlier this week to legalize cryptocurrencies as a source of remuneration for public and private sector personnel.
If the measure passes, Brazil will become only the second country to recognize Bitcoin as legal cash, following El Salvador’s approval in September.
According to market research tracker CoinGecko, the aggregate value of the crypto market topped $3 trillion (approximately Rs. 2,22,79,296 crore) earlier this week.