Zipmex is taking advantage of Visa’s global payments platform and network as Southeast Asia’s digital asset platform plans to launch an innovative new payment product later this year.
The cryptocurrency exchange is thus taking one step forward in its mission to revolutionize how people spend their digital assets as it bridges digital assets with traditional payment infrastructure.
The operator already boasts a flexible payment program named ZidSpend. The partnership with Visa will provide access to 70 million merchants to Zipmex’s customers.
Visa has recently announced that US$1 billion had been spent using its crypto-supported cards in the first half of 2021.
Marcus Lim, Chief Executive Officer at Zipmex, said: “Visa is the perfect partner for us as we move forward with our 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.”
Zipmex is live and operating in four jurisdictions in a legally compliant manner. The firm offers access to a variety of financial services, including digital payments, an exchange, and interest-bearing accounts.
The platform has transacted over US$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.
“The partnership between Zipmex and Visa represents 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”, Marcus Lim continued.
“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.”
Zipmex’s upcoming payment product, a Visa-branded payment card, will give cardholders the freedom to convert their digital assets to fiat currency to spend anywhere Visa is accepted. The new payment card will be available to anyone who has passes its KYC process, subject to local compliance and regulation.