Popular Hong Kong-based digital asset exchange platform, crypto.com has begun issuing new Visa crypto cards for its users in Brazil.
Users who receive 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.