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FinCEN Registered Crypto Exchange Introduces Cryptocurrency Trading Platform and New

CoinZoom, a US-based crypto exchange firm, has officially unveiled its cryptocurrency exchange platform and CoinZoom Visa card. The launch would enable customers to spend, sell, and buy Bitcoin and other digital coins on the exchange.

Since the Utah-based firm is registered with the Financial Crimes Enforcement Network (FinCEN) as a money service business, it has to comply with local regulations as well as those associated with know-your-customer (KYC) and consumer protection requirements.

The exchange company is also licensed as a money transfer business service in the US and also as a digital currency exchange in Australia.

The competition of crypto-related debit and credit cards seems to heat up

It appears that crypto-related debit and credit cards are set to become the norm.  In February 2020, Coinbase, the largest US-based crypto exchange, partnered with credit card giant Visa to directly issue its own Visa-backed debit cards to users based in the UK and European countries. On March 17, the crypto exchange announced that it has newly integrated the Coinbase Visa debit card with Google Pay.

With CoinZoom also setting its foot into this competition, it seems that the cryptocurrency visa card market is likely to heat up as more and more firms want to enable retail crypto payments through visa debit cards.

Spending crypto instantly

The CoinZoom visa card enables clients to instantly convert their cryptocurrency holdings to fiat and spend it at more than 53 million Visa merchants globally.

CoinZoom supports main cryptocurrencies in pairs with the US dollar, thus, providing a fiat gateway into the asset class. The platform also has a staking facility for selected proof-of-stake (PoS) coins that provide rewards for crypto holders.

The CoinZoom visa card uses the latest technology in credit cards, including making payments through chip, PIN, and contactless payments, and cash withdrawals from ATMs. Whenever clients use their CoinZoom visa card, CoinZoom’s cloud authorization engine instantly converts cryptos to fiat money in US dollars, which is used to complete the purchase of any transaction.