Cryptocurrency exchange Zipmex has announced a partnership agreement with credit card company Visa.
According to the official announcement, this Singapore-based exchange will be integrated into Visa’s global merchant network. Visa said it will cooperate with another 50 cryptocurrency platforms.
This partnership will enable Zipmex to revolutionise the way of how its users spend their assets. Therefore, through Zipmex’s payment program, ZipSpend, customers will have the possibility of accessing the 70 million merchants in Visa’s global network.
Visa recently confirmed that $1 billion had been spent using its crypto-supported cards in the first half of 2021.
Zipmex CEO Marcus Lim said that the partnership with the credit card company will help Zipmex to move forward with its innovative payment products.
“Visa has proven itself over the last 10 years to be at the forefront of payment innovation, a strategy which aligns very much with our own. We thank Visa for its support and look forward to a strong and lasting relationship,” Lim commented.
Ground-breaking development in SE Asia
Zipmex is the only exchange that is live and operating in four jurisdictions in a legally compliant manner, and to date, it has transacted more than $1 billion in gross transaction volume since its launch in late 2019.
In January this year, the company secured $6 million in a funding round led by Jump Capital.
Lim also added that this partnership presents a “ground-breaking development for Southeast Asia which is backed by the integration of digital assets and blockchain infrastructure and the mainstream payment platform which will offer compelling opportunities to expand their use in payments and fintech applications.”
“We are glad to be the market-entry partner for Visa into markets like Thailand. Any payment product we release will have been approved by the respective regulatory bodies first. As we are in the unique position of launching the first product of this kind, we have been able 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.”
According to the announcement, both companies intend to work together to educate and enable Visa’s global network of global fintech partners and marketplace partners looking to benefit from the power of digital assets for worldwide payments.
Visa Chief Financial Officer Vasant Prabhu recently said that his company is doing a lot to create an ecosystem that makes cryptocurrency more usable and more like any other currency.
“People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for…There are lots of issues in terms of volatility, etc. But that’s up to the owners of cryptocurrencies to manage and track,” he stated.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.