Crypto.com Gains License To Issue Credit Cards In Australia

The major crypto exchange recently gained access to the license to offer its credit card services in Australia. The firm’s acquirement of a credit card company in that country, The Card Group Pty ltd, necessitated the new financial service license issuance to the Hong-Kong-based firm.

The news assures the crypto community that crypto-based services spread across the globe with critical players like Crypto.com. The Australia Foreign Investment board approved the newly acquired license. The board specializes in reviewing foreign investments in Australia and making sure they follow laid down procedures in the country.

Crypto.com reveals plans to launch credit/debit card services

With the license, it is now news that the trading platform would explore the Australian market by announcing plans of issuing cards to customers. In recent information, the platform accepts dollar transfers from the country, with a direct deposit on users’ fiat wallets. The firm, which is very keen on the regulatory framework, announced that it adheres to all regulatory laws during its stay.

Interestingly, the firm also believes in accelerating cryptocurrency’s global adoption, so its move to Australia is expected. Presently, America holds the world’s highest number of cryptocurrency users, but crypto-based companies must entail a flexible approach if the right adoption is needed.

The issued cards would allow customers to purchase goods from all stores with their digital currency wallets. The development would make things easier for crypto users when using their digital currency cards, like their regular fiat-cards. The credit card issuance would be the firm’s foremost priority, notwithstanding, other digital services are not left behind.

Australians will enjoy various crypto-related benefits the popular platform has in stock for its customers. Customers in the country can purchase digital assets and use them through the same venue. This will promote and expand people’s exposure to the growing technology.

Crypto.com reveal other essential services Australia-based users will enjoy

Through one of its founding members, the digital assets trading platform, Kris Marszalek, revealed some vital services Crypto.com would offer its customers. Kris said the firm’s goal is to provide a lot of services to customers, so purchase, sell, earn, and make payments in cryptocurrencies.

The whole package is under one platform, so they don’t need to search for other platforms to complement Crypto.com’s digital services. Customers are promised a reduced transaction fee with other attached benefits. The volatility of crypto is still a source of concern and a primary reason why some investors get discouraged from utilizing the blockchain technology.

Its volatility is beneficial and disadvantageous at specific points. Higher numbers of investors and other factors would increase crypto values, but price correction might occur days after, leading to a decrease in price and inevitable losses. Bitcoin is currently performing well, even with its volatile nature, and it now has a large pool of institutional investors, with plans to be long-term investors. Cryptocurrencies are now changed to fiat-currencies by some exchanges like Crypto.com to allow people to continue their daily businesses hassle-free. Also, Australia-based crypto customers are increasing currently, and some believe Crypto.com is a decisive factor behind that change.

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