A payment service for digital assets that are just getting started and is located in Australia called CryptoSpend has announced that it intends to raise approximately four times as much money in the next two months. Richard Voice and Andrew Grech, two of the company’s co-founders, have said that the business is aiming to raise A$5 million ($3.5 million) in Series A investment at a value of about A$45 million.
CryptoSpend’s expansion moves
According to the Chief Operating Officer of the firm, now is the right moment for them to go out and raise to expand and build the business in order to meet the demand that they are now experiencing as reported by Bloomberg. This year, the company intends to begin operations in New Zealand.
Late in the year 2021, CryptoSpend introduced the world’s first native Australian cryptocurrency Visa card. This card allows users to spend their digital currency much like traditional Visa cards. Since the second quarter of the previous year, the company reports that sales have climbed by six times, and there are presently 17,000 clients.
It has become more difficult for businesses that deal with digital assets to acquire finance as a direct result of the Bitcoin meltdown that occurred a year ago and the ripple effects that were caused by the collapse of the FTX exchange. During the year 2022, the amount of money invested in Australia via venture capital decreased by a third.
Why are crypto visa cards on the rise
Crypto aficionados might tend to choose crypto Visa cards because these cards provide them the ability to spend their Bitcoin holdings in a manner that is both handier and easily accessible. They can quickly change their cryptocurrencies into fiat money, like US dollars, and use that currency to make transactions at any place that accepts Visa cards. This is because they have a crypto Visa card.
This not only frees them from the need to continually convert their cryptocurrencies into fiat cash but also offers a higher degree of spending freedom in comparison to the use of cryptocurrency exchanges. In addition, certain crypto Visa cards come with incentives and advantages, such as cashback and discounts, which adds to their allure and makes these cards more desirable.