As a researcher with a keen interest in digital currencies and their impact on global economies, I find this latest move by Crypto.com particularly intriguing. Having spent considerable time studying Latin America’s unique economic landscape, it’s clear that the region presents a fertile ground for the growth of cryptocurrencies. The high demand for alternative financial solutions, coupled with the need to safeguard wealth against inflation and political instability, makes Latin America a prime market for crypto adoption.
Crypto.com is unveiling its Visa card service in Latin America, making its well-liked crypto-connected reward cards accessible to a region that’s seeing increased curiosity about digital currencies.
According to a recent announcement by Crypto.com, the Crypto.com Visa Card enables its users to load funds onto the card using either their cryptocurrency wallets or traditional money (fiat currency) via the Crypto.com application.
This card provides a range of benefits across seven distinct levels, such as up to 8% return in cash on purchases, discounts for services such as Spotify and Netflix, and extra amenities like airport lounge privileges. Unlike standard credit cards, it does not impose annual or monthly fees for specific tiers.
This move is part of Crypto.com’s broader effort to increase cryptocurrency adoption globally.
Latin America’s crypto adoption
According to a study by Chainalysis, Latin America holds the seventh-largest cryptocurrency economy globally, accounting for 7.3% of the market. In this region, people often resort to digital assets as a means of shielding their wealth from the depreciation of national currencies and as a way to counteract authoritarianism.
Eric Anziani, President and COO of Crypto.com, emphasized the increasing demand for crypto services in Latin America. He stated that the card will “give Latin American users generous spending rewards paid in crypto, rebates for popular subscription services, and many more perks.”
The crypto.com credit card operates similarly to prepaid debit cards but integrates cryptocurrency.
With this rollout, we’re moving according to Crypto.com’s 2025 plan, which is focused on creating innovative services and broadening their product range. Now, users residing in Latin America are invited to submit applications for the card within the Crypto.com mobile app.
With growing curiosity towards digital assets, this growth might make using cryptocurrencies for daily purchases more commonplace.
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2024-11-19 18:56