Visa Inc, one of the world’s largest payment networks announced that they have officially launched a premium crypto-powered credit card called ‘bitcoinblack’ in the UAE, and it will be accepted globally with no maximum spending limit.

According to a press release issued by Visa Inc on July 4, this VIP crypto credit card will be only available to 10,000 members globally. The limitless spending facility will be secured by the holder’s crypto.

The card will allow its holders to convert their bitcoin and other major cryptocurrencies to fiat currency, and its members will receive rewards of up to 10% in exclusive $SPND tokens. The SPND tokens can be redeemed in bitcoinblack’s upcoming Haute Living Luxury Marketplace, a curated online boutique that includes luxury accessories, cars, charter jets deals, private mansion access, and more.

Designing this card started in 2021, and after the launch, it can be received by-invitation-only basic, for which one can be applied on bitcoinblack’s official website. Bitcoinblack CEO Prakash Chand is a ‘seasoned Bitcoiner’ who has been an investor in the crypto market since 2011, and when he saw a gap in the market for a crypto-powered credit card, the idea of introducing bitcoinblack struck him.

During the official launch of the bitcoinblack in UAE, CEO Chand mentioned that he realized “people with incredible wealth in crypto needed a way to spend their crypto easily and be rewarded for it.”

Therefore he introduced this premium card to a niche audience since he believes “Bitcoinblack is perfectly suited for high-net-worth 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”

“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.”