Brazilian Nationals Get New Visa Crypto Card as DeFi Culture Witnesses Expansion

Interested users of Crypto.com in Brazil will have to apply for a clearance before getting an approval to receive their crypto Visa cards.

By Radhika Parashar | Updated: 12 November 2021 15:43 IST

Brazilian Nationals Get New Visa Crypto Card as DeFi Culture Witnesses Expansion

Photo Credit: crypto.com

The physical crypto Visa card features a sleek metal design

Highlights

The cards can convert crypto tokens to market currency
The card offers up to 8 percent back on spending at various places
The cards will be issued in physical and virtual variations

Hong Kong-based digital asset exchange crypto.com has begun issuing Visa crypto cards for its users in Brazil. Users applying for and receiving the cards will not be charged any monthly, annual, or ATM withdrawal fees, the company has said. Unlike normal Visa credit cards that offer a line of credit, these crypto Visa cards are prepaid in nature and need to be recharged using fiat or cryptocurrencies. These cards can convert all the tokens of the decentralised finance (DeFi) protocol stored in them into the respective market's currency, which can then be used for purchases and ATM withdrawals.

“The Crypto.com Visa Card offers up to 8 percent back on spending, LoungeKey airport lounge access, and 100 percent subscription rebates for Spotify, Netflix, and Amazon Prime,” the asset exchange company wrote in a blog post announcing the expansion.

Brazilian nationals will have to clear an approval process after having applied for the card. As soon as the clearance comes through, users will be issued a virtual card that would be usable before the physical card arrives.

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The crypto Visa card that is currently available in the US, Europe, the UK, Canada, and Singapore, is entering Brazil perhaps amid crypto adoption picking pace there.

In October, Brazilian cab-hailing major 99 enabled the sale and purchase of Bitcoin via its digital wallet app 99Pay.

In Fact, earlier this week, Brazilian parliamentarian Luizão Goulart proposed a bill to legalise cryptocurrency as a form of payment for workers in the public and private sectors.

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If the bill does get cleared, Brazil could become only the second country to approve Bitcoin as legal tender, after El Salvador went through with the process in September.

Earlier this week, the overall valuation of the crypto market reached the $3 trillion (roughly Rs. 2,22,79,296 crore) mark, as per market research tracker, CoinGecko.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Further reading: cryptocurrency, Brazil, Visa

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More