Visa is expanding its integration with regulated cryptocurrency companies on a global scale and with that zipmex become part of that
Zipmex, an Asia-Pacific crypto-fiat trading platform, has partnered with Visa to enhance the convenience of its payment programs and products. ZipSend, the platform’s payment network for spending cryptocurrency, will be integrated into Visa’s global network of 70 million merchants. Zipmex intends to launch a Visa-branded payment card later this year as a result of the partnership.
Zipmex, which operates legally in Thailand, Indonesia, Singapore, and Australia, currently has over 200,000 users and has reported a gross transaction volume of over $1 billion since its launch in late 2019. The company has stated that any future payment product, such as a card, will still require approval from relevant regulatory authorities.
Zipmex CEO Marcus Lim stated that the platform’s application to become a crypto payment card issuer qualifies it to “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.”
As previously reported, Crypto.com, a cryptocurrency exchange and payment service provider, has also partnered with Visa on a global scale and launched its card in multiple regions, including Asia-Pacific. Visa announced in July that during the first half of 2021, its crypto-enabled cards processed more than $1 billion in total spending.
With central bank digital currencies and private sector stablecoins attracting increasing legal and geopolitical attention, Visa and its rival Mastercard have been vying to keep their services at the forefront of recent developments in the digital asset space.
Visa’s CEO argued earlier this year that stablecoin blockchains could be viewed as payment rails comparable to RPT or ACH networks. Mastercard, for its part, recently announced partnerships with Circle, Paxos, and Evolve Bank & Trust to enable banks and crypto firms to roll out crypto cards that can be used anywhere Mastercard is accepted.
Additionally, the company recently announced a new startup engagement program as part of Mastercard Start Path aimed at assisting fintechs and companies working with digital assets, cryptocurrency, and blockchain technology.
Also Read: Binance Terminates Crypto Derivatives Trading In Hong Kong
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