Crypto.com and Visa launch seven cards that convert cryptocurrencies into reais

Crypto.com and the Visa brand launched cards that convert cryptocurrencies into reais. The announcement came seven months after the companies announced a global partnership.

The program has seven card modalities. Customers will be able to change their card according to the amount of CRO, Crypto.com’s cryptocurrency, that they have in a period of six months.

The first card that any customer can use without having a CRO is called “Midnight Blue”, and will have a monthly limit of R$1,000 and cashback of 1%.

To have “Ruby Steel”, customers must have R$2,500 in CROs for six months. The model has a limit of R$ 2 thousand, cashback of 2% and offers Spotify for free to cardholders.

For customers to have the third and fourth card, “Royal Indigo” and “Jade Green”, they will have to keep R$ 25,000 in CRO. The benefits are 3% cashback and a R$4,000 limit.

Customers will also have Spotify and Netflix for free, in addition to being able to access the Visa lobby at Guarulhos Airport.

The “Frosted Rose Gold” and “Icy White” cards will cost R$ 250,000 in CROs. Cashback will be 5% and the limit will be R$5,000. In addition to the benefits offered by other cards, customers will have a 10% discount on the Expedia travel company.

The seventh card, “Obsidian”, will cost R$2.5 million in CRO, 8% cashback and R$5,000 in limit. This model also offers 10% off Airbnb.

Cuy Sheffield, head of Visa crypto, affirms that “[nós] we want to be a bridge between the crypto ecosystem and our global network of 80 million merchants.”

“Brazil is an important market for Crypto.com,” said Crypto.com co-founder and CEO Kris Marszalek.

According to a study by Crypto.com, one in three Brazilians who have not yet invested in cryptocurrency said they would be ready to make that investment if they had a card that allowed them to withdraw from an ATM.

Meanwhile, more than a quarter of respondents said they would be ready to invest in cryptocurrency if they could convert and use those features to make purchases online or in person using a card.

“It is not a surprise that Brazil was the first country in Latin America. We know about the ‘appetite’ of Brazilians for innovation and we work together to create solutions that really provide opportunities for new consumption experiences in the crypto ecosystem, and with the convenience and security of Visa cards”, says Eduardo Abreu, vice president of new business of Visa do Brasil.

In May of this year, Crypto.com started offering its products to users in Brazil, such as the launch of bank transfers in reais without fees and the use of the real as currency in the Crypto application.

At 7:11 pm, Brasília time, the CRO was quoted at US$ 0.357, up 2.85%.

This Friday (12), the dollar finished up 1%, at R$ 5.45.

Other possibilities

The Mastercard brand also already offers a payment card linked to cryptocurrencies. The product is the result of an international partnership between the company and the European card issuer Wirex.

“Whatever your views on cryptocurrencies, the fact is that these digital assets are becoming a more important part of the payments world,” said Raj Dhamodharan, executive vice president of digital asset and blockchain products and partnerships at Mastercard, in a note. . “We’re seeing this happening on the Mastercard network, with people using cards to buy crypto assets.”

The cards allow users to convert their cryptocurrencies into traditional fiat currency, which can be spent at any establishment that accepts the brand.

Customers will also benefit from the Cryptoback rewards program, which automatically gives customers up to 1.5% bitcoin cashback for every purchase made.

At 7:11 pm, bitcoin was quoted at US$ 64,130, down 1.30%.