Crypto adoption on all levels is certainly on the rise; whether it is investment-oriented adoption, adoption of crypto trading, or spending the cryptocurrencies as a financial trend are catching the drift. But mainly, it is Bitcoin that is taking the lead as normally it is the go-to cryptocurrency when it comes to setting up payments and such. Visa, a global payment processing giant, carries on with its commitment to cryptocurrencies as an integral part of its global adoption. Recently, Visa has given the green light to launch a debit card that could be used for Bitcoin spending.
Australia to Become the First-ever Country to Try Out Bitcoin-based Debit Card
Surprisingly enough, this will set off only in Australia at first as a startup by the name of CryptoSpend. Visa has agreed to issue debit cards for Australians that will allow them to spend Bitcoin it carries for the sake of buying from the local merchants. There has been some speculation going around regarding this new debit card by Visa in spirit whether it is the right step or not, but the excited Australians believe it to be.
According to the co-founder of CryptoSpend, the new debit card will make it to the market by the end of September and will be made available to the commonwealth by a payment company known as Novatti.
Another great news that accompanies the new debit card reveals that it would allow the users to spend almost all of the major cryptocurrencies out there, such as Bitcoin, XRP, Bitcoin Cash, and even Ethereum. This really takes out any kind of bias that might have developed if the debit card was only good for Bitcoin-related transactions, but with all these other cryptocurrencies chiming in, the calamity is averted. According to another report, Visa has already given Binance the access to distribute these Bitcoin spending debit cards to its users in Australia. If it becomes a success in Australia, this initiative will soon be launched in other parts.