South Australian group of private companies Peregrine Corporation has partnered with Crypto.com to enable more than 170 On the Run (OTR) convenience operations, including service stations, restaurants, and drive-through locations, to accept issue cryptocurrency as a payment method.
Crypto.com’s general manager for the Asia-Pacific region, Karl Mohan, said:
“Paying with cryptocurrencies at real-time market prices and avoiding the cost and hassle of fiat conversions. We’re thrilled to be bringing this vision to life with one of the most trusted companies in Australia.”
Crypto.com’s focus on payments
Crypto.com’s recent focus on crypto payments is driven by internal research which revealed that 75% of its customers are interested in paying with crypto in 2022. Referring to Cyrpto.com’s research and commenting on the company’s partnership with Peregrine Corporation, Mohan said:
“A note to merchants: customers are ready when you are! This is a great opportunity to increase your addressable market, reduce dispute costs, and lower transaction fees.”
Despite being the largest, this partnership is not Crypto.com’s first venture in Australia regarding payment services. The company also launched a payment app and a Visa card in the country in 2021.
Australia’s take on crypto
According to Gemini’s latest report, Australia ranks 8th in crypto ownership in the world with 18% of the populace holding crypto. The country’s government has been publicly pro-crypto as well. It recently stated that it does not perceive crypto as a threat and is working on regulation to protect crypto customers.
Meanwhile, a recent study from Australian crypto exchange company Swyftx revealed that most business leaders are open to implementing crypto payments within their businesses. This partnership between the Peregrine Corporation and Crypto.com also marks the first step towards more mainstream acceptance of crypto payments in Australia.
Peregrine Corporation Executive Chairman Yasser Shahin commented on the partnership and said:
“[This partnership is] a clear opportunity to tap into the momentum of this fast-growing space for the benefit of our customers.Crypto.com is a world-changing platform. It is synonymous with the future of technology, payments, and business.”