Zipmex, an Asia-Pacific crypto-fiat trading platform, has partnered with Visa to increase the efficiency of Visa’s payment programs and products.
The platform’s payment network, ZipSend, will be connected to Visa’s global network of 70 million retailers, allowing users to spend their cryptocurrency. Zipmex plans to issue a Visa-branded payment card later this year as a result of the cooperation.
Since its inception in late 2019, Zipmex, which has compliance operations in Thailand, Indonesia, Singapore, and Australia, has grown to over 200,000 users and recorded over $1 billion in total transaction volume.
With central bank digital currencies and private sector stablecoins attracting more legal and geopolitical attention, Visa and its competitor Mastercard have been fighting to keep their services at the forefront of the latest digital asset innovations.
However, any future payment product, such as a card, will still need to be approved by regulatory authorities in the appropriate jurisdictions, according to the firm. Zipmex CEO Marcus Lim stated that,
The platform’s bid to become a crypto payment card issuer has placed it in a position to provide support and guidance to help regulators pass effective digital asset legislation. This has been one of the more fulfilling aspects of this project
Related: CoinJar collaborates with Mastercard to provide Australia’s first Bitcoin Card
In addition, as part of Mastercard Start Path, the firm recently launched a new startup engagement program to help fintech and organizations working with digital assets, crypto, and blockchain technology. Coinbase said this week that consumers with an Apple Pay-enabled Visa or Mastercard debit card may now acquire crypto assets on its platform, with Google Pay integration.
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