Crypto.com – which issues a digital currency-based credit card to its customers – has been given the greenlight to fully work and issue its services in Australia, meaning customers of the Great Outback can potentially begin to utilize digital currencies to pay for goods and services the way they would with cash or standard payment methods.
Crypto.com Is Bringing All Its Services to Australia
While the crypto credit card offered by the company is the company’s primary staple, the firm provides a whole separate list of digital services and tools that customers can utilize to get their fingers on crypto and subsequently spend it. Co-founder of Crypto.com Kris Marszalek explained in a recent interview:
Essentially, our goal is to complete the full suite of product offerings to our Australian customers so that users can buy, sell, earn, pay and spend with crypto without the need to leave the platform and maximize their benefits with lower fees and higher cashback rewards.
One of the major problems associated with bitcoin and other forms of digital currency is that they can be extremely volatile. As we’ve seen in the past, bitcoin, for example, is vulnerable to heavy price swings that can either put its users at the top of the financial ladder or stuck in the gutter somewhere. This year, these price swings have been beneficial. The asset is up more than 150 percent since March, when it was trading for less than $4,000 at one point.
At the time of writing, the currency has risen by more than $10,000 and is trading beyond the $18,000 mark for the first time in nearly three years.
However, sometimes those price swings can work against bitcoin and put its fans in real trouble. This occurred in 2018, when following a solid 2017 run that saw the currency reaching an all-time high of nearly $20,000 per unit in December of that year, the world’s number one digital currency by market cap lost more than 70 percent of its value and dropped into the mid-$3,000 range about 11 months later, causing many people to go “digitally bankrupt.”
As a result, very few businesses are willing to take a chance on cryptocurrencies considering they can potentially lose profit and have refused to outright accept them as methods of payment for items and services. Crypto-based credit cards work to change all this as while users are paying with digital currencies attached to their cards through online wallets, whatever they spend is automatically converted into fiat currency, thereby allowing the companies to cash in quickly.
More Activity Than Ever?
Marszalek believes that Australia is becoming a super haven for bitcoin activity, commenting:
The fact that so many are already aware of cryptocurrency means that it is only a matter of time until their appetite for digital currencies is both realized and will need to be solved.
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