Hong Kong-based digital asset exchange crypto.com has started issuing Visa crypto cards to its users in Brazil. The company said that users applying for and receiving the cards will not be charged any monthly or annual fees or ATM withdrawals. Unlike regular Visa credit cards that offer a line of credit, these crypto Visa cards are prepaid in nature and need to be topped up with fiat or cryptocurrency. These cards can convert all DeFi tokens stored in them into the currency of the respective market, which can then be used for purchases and ATM withdrawals.
“The Crypto.com Visa Card offers up to 8 percent on spend, access to the LoungeKey, and 100 percent subscription discounts for Spotify, Netflix and Amazon Prime,” the asset exchange company wrote in a blog post announcing the expansion.
Brazilian citizens will have to go through the approval process after applying for the card. Once the permit is obtained, users will be issued a virtual card that can be used before the physical card arrives.
The crypto Visa card currently available in the US, Europe, UK, Canada and Singapore is entering Brazil possibly amid the rapid adoption of cryptocurrencies there.
In October, the Brazilian taxi-hailing company 99 made it possible to buy and sell Bitcoin via the digital wallet app 99Pay.
Indeed, earlier this week, Brazilian parliamentarian Luisao Goulart proposed a bill to legalize cryptocurrency as a form of payment for public and private sector workers.
If the bill is approved, Brazil could become only the second country to approve Bitcoin as legal tender, after El Salvador implemented the process in September.
Earlier this week, the total valuation of the crypto market reached $3 trillion (about Rs 2,22,79,296 crore), according to market research tracker CoinGecko.
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