Crypto Adoption: Payment giants to partner with one of the crypto-card offering platforms for its Singaporean Users — PrivacySwap.Finance
After its partnership with blockchain.com to provide a crypto card to US Crypto users, payment giant, Visa is set to partner with Crypto.com to offer a crypto card for Singaporeans.
Crypto.com has joined the associate program, allowing it to start the market-based self-issuance of its Visa card.
With more than 30 countries already offering it, the Crypto.com Visa Card rewards customers with up to 8% cash back on purchases, access to airport lounges, and 100% subscription discounts for Spotify, Netflix, and Amazon Prime. Additionally sweetening the deal, there are no yearly, monthly, or ATM withdrawal fees.
As the local market gets ready for disruption, Crypto.com is launching a number of new initiatives, beginning with the direct issuing of its cryptocurrency-linked card in Singapore. Users from Singapore can anticipate the introduction of more payment options and digital services in the future.
Kris Marszalek, co-founder, and CEO of Crypto.com commented on the development: “Providing customers with more methods to engage with cryptocurrencies as a mode of payment for goods and services is key to our objective at Crypto.com.” “We are eager to strengthen our collaboration with Visa on a global scale in order to expand our product offerings.”
Singaporean regulators said they might put in place consumer protections for cryptocurrency investors, including restrictions on leverage trading and lending facilities, as well as suitability testing and other measures. Additionally, they have cautioned novice investors time and time again against investing in the market.
However, MAS has revised its legal framework to cover cryptocurrency-related operations, such as online payments. All Singapore-based cryptocurrency firms and exchanges are covered by the Payment Services Act (PSA), which brings all cryptocurrency activities under the country’s anti-money laundering and counter-terrorist-financing regulations.
Crypto.com, which claims to have 50 million members globally, consistently ranks among the top five exchanges in the world by spot volume and claims that its matching engine can handle 2.7 million transactions per second with a core latency of 50 microseconds.
Despite how grandiose it may sound, Crypto.com has received regulatory approval in a number of jurisdictions. Most recently, the company was given the all-clear by the FCA to begin offering its services in the UK.
The regulatory permission comes just a few weeks after Crypto.com was approved to operate the virtual currency and digital wallet services in South Korea, Italy, and Cyprus. The European licensing requires the firm to follow high financial requirements outlined in the MiFID II framework, such as client money segregation and protection, full transparency of its business activities, and capital adequacy measures.
Like these platforms, PrivacySwap also aims to provide a way to make crypto transactions flawless using PrivacyCard. The PrivacyCard also supports direct crypto spending, and crypto users can manage all of their crypto holdings by visiting the designated website. In addition, PrivacySwap makes use of the security provided by DeFi’s Smart Contract. As a result, the platform guarantees the security and safety of PrivacyCard transactions. When you use PrivacyCard, you can also earn rewards. Its affiliate program provides users with passive rewards for each successful referral.
PrivacyCards, like the other cards mentioned, use a payment processing network. This is done so that the cards can be used at ATMs all over the world. The card will initially support BEP-20 tokens, according to the initial announcement. However, as announced recently, ERC20-based tokens will also be integrated into the platform.
Furthermore, PrivacyCard is constantly working to improve the platform. Staking requirements were completely removed in one of its recent updates. This enables all users, particularly long-term supporters, to purchase their own debit cards without having to stake a certain amount. Aside from allowing more people to enter, this can also significantly reduce the amount of money required to have a debit card.