Visa Cryptocurrency

Crypto.com launches crypto-linked Visa Card in Brazil

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Crypto.com, a Hong Kong-based cryptocurrency exchange, is set to accelerate its growth in Latin America.

Crypto.com

Starting with the live issuance of its crypto-linked card in Brazil, Crypto.com is unveiling a raft of new initiatives to boost engagement as the local market becomes ready for disruption.

Already available in more than 30 countries, the Crypto.com Visa Card offers users up to 8% cashback on spending, access to airport lounges, and 100% subscription discounts on Spotify, Netflix and Amazon Prime. To further improve the offer, there are no annual or monthly fees or ATM withdrawal fees.

Earlier in May, Crypto.com rolled out bank transfers without BRL and BRL fees as a payment currency in its app, and Brazilian Portuguese in both the app and exchange.

Linguistic and linguistic integrations marked Crypto.com’s first major step in providing its ecosystem of crypto products and services to users in Latin America. These users can deposit the Brazilian Real into their paper wallet, and use their money to buy more than 100 coins.

Co-branded Visa cards are now accessible to more than 200 million Brazilian Portuguese speakers, the largest population in Latin America.

The Brazilians did not miss the cryptocurrency trend and the country was a hive of activity related to crypto assets. Within Latin America, the nation has been the leader in cryptocurrencies on both the regulatory side and the development side. As it stands now, the country’s financial watchdog, CVM, has banned regulated mutual funds from trading in the virtual asset class.

Brazil’s move toward regulating cryptocurrency came a step closer last year after the country’s parliament created a commission to look into the matter. Although their president said he lacks basic knowledge of what Bitcoin actually is, the country remains the largest cryptocurrency hub in Latin America and generates the highest turnover in the entire region.

Under previous laws, cryptocurrency exchanges and other companies acting as intermediaries could voluntarily submit data on their customers, but after the new legislation was introduced, they could not refuse or appeal authorities’ requests to hand over information.

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