FOSTER CITY, Calif.—Visa has approved a prepaid card backed by the cryptocurrency Monaco. The move is part of broader efforts by Visa to move into digital currencies.
Monaco's prepaid card has been approved for issuance to Singaporean residents. Visa approved the program through Monaco's issuer, Wirecard AG, Bloomberg reported.
“Cryptocurrencies are clamoring for deals with Visa because it would mean they could be converted into fiat money and accepted at the 44-million merchant locations in the payments network,” Bloomberg said.
Monaco gained as much as 695% in value beginning on May 17, when the firm tweeted it would offer a Visa-branded payment card, noted Bloomberg, which said Monaco didn't have a deal with Visa at the time.