Crypto.com, a Hong Kong-based cryptocurrency exchange platform, is set to accelerate its growth in Latin America.
Starting with the direct issuance of its crypto-linked card in Brazil, Crypto.com is unveiling a raft of new initiatives to boost engagement as the local market becomes ripe for disruption.
Crypto.com Visa Card, which is already available in more than 30 countries, offers users up to 8% cashback on spending, airport lounge access, and 100% subscription rebates for Spotify, Netflix, and Amazon Prime. To further sweeten the offering, there are no annual or monthly fees or ATM withdrawal fees.
Earlier in May, Crypto.com rolled out zero-fee BRL bank transfers and BRL as payment currency in its app, and Brazilian Portuguese in both the app and exchange.
The fiat and language integrations marked Crypto.com’s first major step in bringing its ecosystem of crypto products and services to users in Latin America. These users can deposit Brazilian Reais into their fiat wallet, and use their funds to buy more than 100 coins.
The Visa co-branded cards are now accessible to over 200 million Brazilian Portuguese speakers, the largest population in LATAM.
Brazilians have not missed the cryptocurrency trend and the country has been a hive of activity related to crypto assets. Within Latin America, the nation was the cryptocurrency ringleader both on the regulatory side and on the development side. As it now stands, the country’s financial watchdog, the CVM, bans regulated investment funds from trading in the virtual asset class.
Brazil’s move towards cryptocurrency regulation took a step closer last year after the country’s parliament established a commission to consider the matter. Although their president said he lacks basic knowledge about what Bitcoin actually is, still the country has been the biggest cryptocurrency hub in Latin America and generates the highest turnover in all the region.
Under the previous laws, crypto exchanges and other businesses serving as middlemen can provide the data on their clients voluntarily, but after the new legislation was introduced, they can’t refuse or appeal the authorities’ requests to turn over information.