RIO DE JANEIRO, BRAZIL – Cryptocurrency exchange Crypto.com on Thursday, November 11, launched its debit card in Brazil that allows users to spend cryptocurrencies at any establishment accepting Visa – the conversion is automatic and the store receives cash back in Brazilian reais.
The initiative is the result of a global partnership signed between the two companies in April to accelerate the adoption of crypto payments.
The card also offers cashback of up to 8% on normal purchases, or up to 100% on streaming services such as Spotify, Netflix, and Amazon Prime, depending on the card chosen. The cashback is paid in Crypto.com Coin (CRO) cryptocurrency, currently trading for US$0.34 after appreciating nearly 85% over the past 30 days.
The company does not clarify whether it will also offer in Brazil the virtual debit card and the CRO staking function available in other markets where the card was already offered, such as the United States and countries in Europe and Asia.
According to a study commissioned by Crypto.com, 1 in 3 Brazilians who have not yet invested in cryptocurrencies said they would be ready to do so if they had a card that allowed them to make withdrawals at an ATM. Similarly, over a quarter of respondents said they would be ready to invest in cryptocurrencies if they could convert and use these funds to make online or in-person purchases using a card.
“It is not a surprise that Brazil was the first country in Latin America. We know the ‘appetite’ of Brazilians for innovation and we are working together to create solutions that truly provide opportunities for new consumer experiences in the crypto ecosystem,” says Visa Brazil vice president of new business Eduardo Abreu.
In a statement, Crypto.com co-founder and CEO Kris Marszalek further states that Brazil is an important market for the company. “We will continue to bring our products and services to cryptocurrency users in Brazil.”
Crypto.com began operating directly in the country in May, when it started offering deposits in Brazilian reais through TED, DOC or PIX. The whole process, including the card application, is done through the official app, which also works as an exchange and digital wallet.
With information from InfoMoney