Global fintech Crypto.com launches crypto-linked Visa cards in Australia
Crypto.com, the world’s fastest growing cryptocurrency platform, is set to accelerate its growth in Australia. Starting with direct issuance of the Crypto.com Visa Card in Australia, the company is unveiling a raft of new initiatives and a senior appointment to boost engagement as the local market becomes ripe for disruption.
Crypto.com is focused on increasing the practical use of cryptocurrency in everyday life by offering the easiest, most secure and regulatory compliant crypto platform. In addition to the industry’s biggest insurance policy of USD $750M (AUD $1.015B), Crypto.com offers the Crypto.com Visa Card, the world’s most popular crypto-linked card, available in more than 30 countries.
Recognising Australia’s fintech-friendly environment, strong regulatory reputation and highly skilled workforce, Crypto.com has now decided to make the nation a key focus of its global expansion strategy.
A significant part of this plan is the appointment of industry veteran Karl Mohan as its new General Manager for Asia-Pacific (APAC).
Based in Melbourne, Mohan joins Crypto.com with over two decades of experience in financial services, payments and business consulting, including the launch of ZipPay globally. Mohan had also served in various senior roles at National Australia Bank (NAB), including as its Head of Growth and Partnerships.
Kris Marszalek, Co-Founder and CEO of Crypto.com said, “We look forward to reaching new heights in Australia and other APAC markets with Karl on board. Karl’s strong background within the Australian market and payments industry are a perfect fit for Crypto.com. His deep understanding of the local regulatory environment and customer needs will help accelerate our growth in this strategically important market.
Karl Mohan, General Manager APAC said, “Australians are eager to adopt cryptocurrency and blockchain technology, with over one in five currently holding crypto in their portfolio. Australia’s regulators are actively working to create a crypto-friendly environment that puts consumer protections at the fore. We are committed to working collaboratively with regulators now and into the future.”
Karl Mohan’s appointment caps a busy period for Crypto.com.
In March 2021, the company announced its Principal Membership with Visa, allowing Crypto.com to directly issue the Crypto.com Visa Card to Australian customers.
Available in more than 30 countries across North America, Europe and Asia, the Crypto.com Visa Card is the world’s most popular crypto-linked card. The card allows customers to convert their cryptocurrencies into Australian dollars and pay with their card anywhere Visa is accepted.
Perks offered with the card include up to 8% back on all spending. The card programme also includes complimentary airport lounge access and 100% rebates for Spotify, Netflix, and Amazon Prime subscriptions. There are no annual or monthly fees.
The company has been investing heavily in developing local technology solutions that are compliant with, and satisfy, the needs of its Australian customers. It has acquired an Australian Financial Services Licence (AFSL), is a member of the Australian Financial Complaints Authority (AFCA) and is registered with AUSTRAC.
Based on its experience worldwide, Crypto.com made a submission recently to the Senate Select Committee on Australia as a Technology and Financial Centre, which was incorporated in the final report of the inquiry handed down by Senator Andrew Bragg on 20 October.
The committee recommended the government establish a regulated custody or depository regime for cryptocurrencies as well as a market licensing regime for exchanges, including setting capital adequacy rules, auditing requirements and responsible person tests.
In August 2021, the company launched Crypto.com Tax, a free service which makes it easy for Australians to file complicated crypto taxes in a matter of minutes. This service is tailored to meet Australian tax requirements and supports more than 20 of the largest wallets and exchanges, including the Crypto.com App and Exchange.