The latest investment comes after the Australian startup closed a US$1 million seed round led by Play Ventures in March.
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Crypto.com announced today that it was successfully granted a license by the Australian Financial Service License (AFSL), which now allows it to extend its card network down under.
Crypto.com rolls out in Australia
As per a release, the AFSL was secured via the acquisition of The Card Group Pty Ltd, which was approved by Australia’s Foreign Investment Review Board. Terms of the acquisition have not been disclosed.
🇦🇺 https://t.co/vCNztABJoG completed the acquisition of The Card Group Pty Ltd, securing an Australian Financial Service License.
💳 Preparations are underway to issue https://t.co/vCNztABJoG Visa Cards in Australia in 2021
Details: https://t.co/cYcyczo6Ix pic.twitter.com/z6bWdasrot
— Crypto.com (@cryptocom) December 2, 2020
“We are extremely proud to secure an AFSL and look forward to having a direct relationship with our Australian customers,” said Kris Marszalek, co-founder and CEO of Crypto.com.
Crypto.com operates all over the world and serves over 5 million customers each day. The brand started out as Monaco in 2016 but has since been branded to its current avatar in 2018.
The AFSL is part of Crypto.com’s long-standing commitment to being licensed and working within the local regulatory frameworks in markets throughout the world. In addition, the development comes on the heels of Crypto.com’s recent announcements supporting AUD transfers in and out of the platform via BPAY and NPP.
The Crypto.com Card is already the most globally available card of its kind. Having an AFSL paves the way for Crypto.com to begin local issuance of the Crypto.com Card in Australia.
Moving ahead, Crypto.com looks forward to working with local network schemes to speed the development of new features and functionality of products and services available to Australian customers.
Marszalek said in this regard:
“We are committed to accelerating the world’s transition to cryptocurrency; working within the regulatory frameworks of the markets we operate in is a key pillar of achieving our mission.”
The rollout is one of the many developments for Crypto.com in the past few months, with the recent one being its DeFi Wallet that brought about security, ease of accessibility, and a range of staking options to Crypto.com clients.
Disclaimer: Crypto.com is an advertising partner of CryptoSlate.
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