2021-03-19

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On this week’s episode of Crypto Scoop

  • Crypto.com now a principal member of Visa Australia
  • Chinese company Meitu, buys more crypto
  • Morgan Stanley to offer bitcoin funds

Crypto.com joins Visa Australia as a principal member

Hong Kong cryptocurrency payment company Crypto.com has now become a principal member of the Visa’s network in Australia following an acquisition in December where it secured an Australian Financial Services License. Its new membership status allows the company to freely issue Visa cards to its customers, thereby offering a range of benefits from reduced costs, faster transactions, easier access to their funds and the ability to now “have a direct relationship with cardholders.”

The new membership coincides with the launch of the company’s crypto-lending product called “Spending Power” and targeted at its cardholders. This new product will allow customers to use crypto in their crypto.com wallets as collateral for loans which can then be converted into fiat currencies and spent via the card.

Meitu now has over $90M worth of crypto in its treasury

The assets had been bought in an open market transaction and were being held by trusted crypto trading platforms. Meitu which was founded in 2008, is an internet company that provides image and video processing software by utilizing AI. Its first app is also said to be used by more than 1 billion people worldwide.

Morgan Stanley to give clients access to bitcoin funds

While wealth management divisions at JP Morgan, Goldman Sachs and Bank of America don’t allow direct investments in bitcoin funds, Morgan Stanley has taken the first step and will be the first big U.S bank to give its wealth management clients access to bitcoin funds. In an internal memo to its financial advisors, the bank noted that it would be launching access to three funds and added that clients could make investments as early as April after its financial advisors complete training courses on the new offerings. Two of the funds are from Galaxy Digital, the third from FS NYDIG Select Fund and are only available to wealth management clients with at least $2 million in assets for individuals and $5 million for investment firms, with “an aggressive risk tolerance” and restricted to 2.5% of total net worth of the clients.