Monaco Visa Card. Company's website.

Visa Inc, the world's largest payments network operator, has approved a prepaid card backed by the cryptocurrency Monaco, in an effort to increase its hold in the digital currencies space.

Monaco's prepaid card has been approved for issuance to Singapore residents, the company said in a statement.

The Monaco card operates on the worldwide Visa network and can be used anywhere that Visa is accepted.

"This is an important step towards Monaco's vision to introduce cryptocurrency to the mass market," said Kris Marszalek, co-founder and CEO of Monaco.

"The demand for the Monaco Visa prepaid cards has exceeded our expectations with over 17,000 cards reserved, based on word of mouth alone."

Switzerland-based Monaco is a payments and cryptocurrency platform that allows users to buy, exchange and spend bitcoin and ethereum at perfect interbank exchange rates.

iOS and Android users in Singapore can download the Monaco app, select a Monaco Visa prepaid card from five available options, including the Monaco Visa Platinum prepaid cards, and complete the three-minute onboarding process to register for the waiting list.

With the Monaco app, users will be able to buy and exchange cryptocurrencies including bitcoin and ethereum.