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Australia Makes Leap Forwards🌏

Visa Approves Australian Startup to Issue Debit Cards for Spending Bitcoin

Australians will soon be able to spend crypto via existing brick-and-mortar point-of-sales with the issuance of a new physical debit card, the Australian Financial Review reported Wednesday.

Global payments giant Visa has approved local Australian startup CryptoSpend to begin issuing debit cards for the startup’s users. Those using the CryptoSpend app can then pay using their bitcoin and other supported crypto at retail stores and hospitality venues.

Instead of needing to convert from crypto to fiat, like some other offerings on the market, users of CryptoSpend’s app can make direct purchases.

ASX-listed Novatti will issue the card, which is expected to hit Australia in September, while custody of the crypto holdings will be handed over to New York-licensed custodian BitGo, AFR reported.

CryptoSpend’s app allows users to spend their crypto, payout to their account, and pay bills with supported cryptos including bitcoin, ether, XRP, Bitcoin Cash and Litecoin. The app has its own wallet on which users can hold their coins.

The move captures the growing interest in cryptocurrencies for Australia’s economic market. Hong Kong-based Crypto.com became a principal member of Visa Australia in March, allowing the business to directly offer its version of a crypto Visa card in Australia.

About Cudos

The Cudos Network is a layer 1 blockchain and layer 2 computation and oracle network being designed to ensure decentralized, permissionless access to high-performance computing at scale and enable scaling of computing resources to 100,000’s of nodes. Once bridged onto Ethereum, Algorand, Polkadot, and Cosmos, Cudos will enable scalable compute and Layer 2 Oracles on all of the bridged blockchains.

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