As the cryptocurrency market expands, more corporations are starting to recognize the opportunities it offers and seek ways to incorporate digital assets in their operations, as well as offer crypto-related services for their customers.
One of these corporations is VISA (NYSE: V), the world’s largest payments network which launched an exclusive VIP crypto credit card called ‘bitcoinblack’ in the United Arab Emirates, a press release stated on July 3.
As per the press release, the card, which was first launched in 2021, is available by invite only to 10,000 members around the globe, and it allows them to convert their Bitcoin (BTC) as well as other major cryptos into spendable cash. The invitation can be requested via the bitcoinblack website.
Reportedly, the card is secured by the holder’s cryptocurrency and offers premium benefits such as a no-spend limit in any place in the world where Visa is accepted, as well as rewards of up to 10% back in exclusive SPND tokens.
Easy access to luxury goods via crypto
As such, this exclusive card allows its owners to spend rewards on various luxury items in bitcoinblack’s Haute Living Luxury Marketplace, “a curated online boutique that includes luxury watches, purses, cars, charter jet deals, private mansion access and more,” and which is expected to be launched soon.
Commenting on this development, bitcoinblack CEO Prakash Chand explained:
“People with incredible wealth in crypto needed a way to spend their crypto easily and be rewarded for it. (…) bitcoinblack is perfectly suited for high networth individuals who want to use their crypto for business or pleasure wherever they are in the world, including the 140+ countries where Visa is accepted.”
As he said, the card is straightforward to use for anyone:
“All members need to do is simply load up their crypto through the web app or soon-to-come secure bitcoinblack wallet app, and they’re instantly empowered to spend their crypto with the best conversion rates and high limits.”
Luxury items accessible via crypto isn’t an entirely new concept, as brands are increasingly targeting millennials and their parents. As Finbold reported, some luxury watchmakers are now allowing customers to purchase their products using crypto, including high-end brand names like Tag Heuer, Hublot, and Breitling.