April 9, 2021
5 min read

CryptoSpend to Reshape the Future of Payments

Andrew Grech

The world of cryptocurrencies is changing. Throughout the last year, Bitcoin has become an extremely popular investment asset and a popular way to store wealth. Large companies like MicroStrategy and Tesla buy Bitcoin to use as a treasury reserve asset, instead of gold or $USD, and we've recently seen Visa and PayPal integrate cryptocurrencies into their services.

But for many years prior, Bitcoin and other cryptocurrencies have struggled to be used as a genuine alternate payment method to fiat currencies. Things like private keys, seed phrases, addresses and crypto exchanges made the learning curve seem too difficult or confusing for beginners to jump on board. This has been among the biggest obstacles for mass adoption of crypto.

The world just wasn't ready for it.

There was simply no crypto payments solution available... until now.

CryptoSpend is that solution, by simplifying crypto payments and making cryptocurrencies easier to spend. You can already use the CryptoSpend app to:

  • Pay your bills (through Bpay & Osko)
  • Send crypto to your mates (no fees between CryptoSpend users)
  • Cash out your crypto to AUD (through PayID, BSB & Acc. Number), all in real-time.

When the CryptoSpend Card is released in Q2 this year, you'll be able to spend your crypto at any point-of-sale that accepts card payments. This includes:

  • Your local grocery store
  • Gas Stations
  • Cafes & restaurants
  • Online shopping retailers

Upon launch of our cards, CryptoSpend will become the first Australian company to launch a crypto card that allows spending straight from the users' crypto wallet.

That realises our dream, as co-founders, when in 2018, we went from a couple of students from University of Technology Sydney, to creating a solution which bridges the gap between cryptocurrencies and traditional fiat currencies. It started when we understood that crypto wasn’t actually being used as a currency, but instead a commodity - which is what we set out to change.

We are now seeing a global shift in attitude towards digital payments and digital currencies, accelerated further by the global pandemic. Contactless payments and QR codes have become the norm, while individuals look to avoid inflation by transitioning to deflationary cryptocurrencies like Bitcoin.

We believe we are entering the market at a perfect time, to take optimum advantage of this opportunity to help accelerate mass adoption of crypto in Australia.

**All information in this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by CryptoSpend to invest, buy, or sell any coins, tokens, or other crypto assets. Any descriptions of CryptoSpend products or features are merely for illustrative purposes. Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. It is essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.

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On 17 April 2024, Cryptospend Pty Ltd commenced operating under the name of “Wayex”. This is a change in the business name of Cryptospend Pty Ltd and the entity remains the same. References to “Cryptospend” in the Product Disclosure Statement dated 18 October 2023 have been updated to “Wayex”.