Crypto.com and Visa to allow cardholders to use their cryptocurrency to pay for purchases by using the beautifully designed metal cards
CompoSecure Holdings, L.L.C. (“CompoSecure”), a leading provider of premium financial payment cards and emergent provider of cryptocurrency storage and security solutions, announced that, in partnership with Thales Group, it is manufacturing the first-of-its-kind card from Visa and Crypto.com, the world’s fastest-growing crypto app. Crypto.com’s Visa Card is a prepaid card that allows users to load their crypto funds and convert it to fiat currency for purchases.
CompoSecure is partnering with the fastest-growing crypto app to bring cryptocurrency to the mainstream with a new payment card.
Cryptocurrency enthusiasts often struggle with accessing funds in real-time, but the Crypto.com Visa Card solves this issue by allowing instant access to crypto funds to make immediate purchases in a real-world setting, just as you would with any other payment card. The beautifully designed metal card comes in a variety of tiered rewards with Obsidian as the highest tier, followed by tier two with a choice of Frosted Rose Gold or Icy White. Tier three comes with a choice of Royal Indigo or Jade Green, and the final tier of metal cards is the Ruby Steel.
“As the world begins to open up after the pandemic, the Crypto.com Visa Card expects to continue to expand globally, given the increased spending behavior due to the pandemic,” said Kris Marszalek, Co-founder and CEO of Crypto.com. “Crypto continues to push into the mainstream and is opening the doors for what is already the most widely available card of its kind on the market.”
According to Crypto.com’s Consumer Spending Insights Report for 2020, overall spending for its Visa Card per user in 2020 grew 55% year-over-year, with a 117% increase in online spending relative to overall spending growth, notably for the categories of housing, household goods, groceries and cross-border transactions. Cardholders shopped with merchants in 143 countries, nearly half of which are in the U.S. (24%) and the U.K. (23%). In-store spending also rose 33% despite the pandemic, indicating an overall increase in card usage.
“The use of cryptocurrency as payments is changing, and we are changing with it by supporting a variety of technologies to offer the most flexibility to our customers,” said Jon Wilk, President and CEO of CompoSecure, which recently announced it had signed a merger agreement with Roman DBDR Tech Acquisition Corp. (NASDAQ: DBDR) (“Roman DBDR”), a special purpose acquisition company. “Our metal cards provide the best of both worlds – offering a premium experience at the physical point of sale, while also ensuring a strong back-end digital technology to support whatever payment option is needed.”
First introduced in Singapore in 2018, the Crypto.com Visa Card is the largest Visa card program of its kind and is currently available in the U.S., Canada, 31 countries in Europe and the APAC region. Crypto.com supports 100 different cryptocurrencies and can convert to fiat currencies based on the real-time market value and then load the fiat currency onto the Crypto.com Visa Card. The Crypto.com Visa Card runs on the Visa processing network, which is the world’s largest processing network and accepted at millions of locations worldwide.