Crypto.com – which provides its customers with a currency-based digital credit card – has been given the green light to fully operate and publish its services in Australia, meaning Great Outback customers can start using digital currency to pay for goods and services as they would with standard cash or payment methods.
Crypto.com Brings All Its Services to Australia
While the crypto credit card offered by the company is the company’s main staple, the company provides a completely separate list of digital services and tools that customers can use to get their fingers on crypto and spend it after that. Crypto.com co-founder Kris Marszalek explained in a recent interview:
Essentially, our goal is to complete the full suite of product offerings for our Australian customers so that consumers can buy, sell, earn, pay and spend with crypto without the need to leave the platform and make the most of their product benefits with lower fees and higher cash-back rewards. .
One of the big problems associated with bitcoin and other forms of digital currency is that they can be extremely volatile. As we have 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 get stuck in the gutter somewhere. This year, these price changes 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 raised 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 happened in 2018, following a solid run in 2017 that saw the currency reach an all-time high of nearly $ 20,000 per unit in December of that year, the world’s number one digital currency lost by market cap by more than 70 percent of its value and fell 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 that they may potentially lose profits and have refused to accept them completely as payment methods for items and services. Crypto-based credit cards work to change all of this because while consumers pay with digital money attached to their cards through online wallets, whatever they spend is turned on ‘ n automatic fiat currency, thus allowing the companies to swap currency quickly.
More Activity Than Ever?
Marszalek believes Australia is becoming a great haven for bitcoin activity, stating:
The fact that so many are already aware of cryptocurrency means that it’s only a matter of time until their appetite for digital money is realized and needs to be resolved.