Proceeding with its ambition to increase and strengthen the adoption of digital currency payment solutions around the world, Crypto.com has entered into a strategic partnership with global payments technology firm Visa.
Announcing the collaboration via an official blog post, Crypto.com noted that the partnership will further its ambition of global-scale crypto adoption as well as increase the reach of the Crypto.com Visa Card.
We’re proud to announce our Global Alliance Partnership with Visa.
Together we are accelerating mainstream adoption of cryptocurrency.
We can now
⚡ Bring world-first products to market
🌎 Accelerate new market launches
💳 Issue cards directly as a Visa Principal Member pic.twitter.com/h6VrsEMr1T
— Crypto.com (@cryptocom) March 18, 2021
The partnership with Visa will incorporate Crypto.com as one of the principal members of Visa’s network in Australia, a neat thing as the platform recently was licensed to issue cards in the country.
Currently among the top six largest crypto exchanges in the world, according to Coingecko, the Hong Kong-based payment and cryptocurrency platform now boasts of usage in the U.S., Canada, and 31 countries in Europe and in APAC. Globally, the exchange has over 10 million users.
Expressing his pleasure with the partnership, Kris Marszalek, co-founder and CEO of Crypto.com, noted that his firm was ready to work with the payment giant. According to him, securing a partnership with Visa and becoming a principal member of the world’s forerunner in digital payment affirms Crypto.com’s determination to increase the adoption of cryptocurrency globally.
Via his official Twitter account, Marszalek further noted that Crypto.com’s collaboration with global payment giant Visa was a huge win for the entire crypto industry and the crypto exchange.
“Today cryptocurrency space has a little of 100 [million] users globally. Visa network has over 3.3 [billion] cards in use. An enormous opportunity to release new products together that will get us closer to our mission: cryptocurrency in every wallet,” he tweeted.
This is a huge win for the entire industry.
Today cryptocurrency space has a little of 100m users globally. Visa network has over 3.3b cards in use.
An enormous opportunity to release new products together that will get us closer to our mission: cryptocurrency in every wallet!
— Kris | Crypto.com (@Kris_HK) March 18, 2021
Crypto.com Lending Service – ‘Spending Power’
In addition to the new partnership, Crypto.com has also revealed plans to roll out a first-of-its-kind lending service called “Spending Power.”
Spending Power will involve the crypto exchange providing low-interest rates and flexible repayment options for fiat loans to cardholders with crypto in their wallets to serve as collateral via the Crypto.com Visa Card.
According to the announcement, Crypto.com cardholders will be able to access crypto in their digital assets wallet as collateral for a loan and instantly spend fiat anywhere Visa is accepted.
Marszalek, while expressing his delight with the new lending initiative, said, “I’m also excited to deepen our relationship with our customers via direct-issuance of cards around the world and roll-out Spending Power — allowing them to access the value of their crypto today.”
Visa Is Eager to Work With Crypto Companies
Speaking on the partnership, Cuy Sheffield, head of Crypto at Visa, said he was excited about the new collaboration. According to Sheffield, digital assets have a massive potential to increase the value of digital payments to a massive number of people and places. He noted that Visa is eager to work with crypto companies to bring this vision to life.
— Cuy Sheffield (@cuysheffield) March 18, 2021
“Through our partnership with Crypto.com, one of the largest Visa card programs connected to a crypto exchange available today, we are making it quicker and easier for people to spend digital currency worldwide,” he said.
Crypto.org Chain Taps Chainalysis to Improve Security
Right before the launch of the Crypto.org Chain mainnet, Crypto.com partnered with blockchain analysis company Chainalysis to enhance security on its platform.
Announcing the new collaboration via an official blog post, Crypto.com noted that the partnership will strengthen the security of the Crypto.org Chain network that launched on March 24, 2021.
As a result of the new partnership, the Crypto.org Chain network, which focuses on providing a decentralized, open-source public chain with high speed and low transaction fees, will utilize Chainalysis’s compliance and risk management software to monitor, regulate, and scrutinize cybercriminal activity on blockchains.
Additionally, the announcement revealed that the blockchain analytics firm will support the integration of the Crypto.com token (CRO) on Crypto.org Chain, allowing real-time, on-chain monitoring solutions. Chainalysis know-your-transaction (KYT) software helps cryptocurrency businesses comply with both local and global regulations by combining industry-leading blockchain intelligence, real-time API, and an easy-to-use interface.
Chainalysis, Crypto.com Partnership to Prevent Attack
Speaking on the new partnership, Crypto.com Chief Compliance Officer Antonio Alvarez said the partnership will enable Crypto.org chain to identify high-risk attack points in its network, executing the best options through changes in innovative technology.
According to him, “Keeping user accounts and assets safe has always been a top priority for Crypto.com.”
Similarly, Ulisse Dellorto, Managing Director, APAC, at Chainalysis, described Crypto.com as an industry leader in the cryptocurrency space. According to him, Chainalysis is excited to offer its compliance and investigative solutions to the leading crypto exchange.
“Through strategic support, we’ll ensure the company has the tools to grow steadily, safely, and aligned with regulatory guidance,” he noted.
At the time of publication, Crypto.com Coin’s (CRO) price has rallied by 0.5% in the last 24 hours. The token was trading at $0.202965, with a market cap of $5,132,384,117 and a 24-hour trading volume of $156,943,746. Also, CRO currently has a circulating supply of 25.2 billion coins.
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