On November 16, the Hong Kong-based blockchain startup Crypto.com announced that it is planning to issue its prepaid card, MCO Visa Card, in the United States. The company says the card has been approved for launch in partnership with its local bank partner Metropolitan Commercial Bank. Its metal cards promise up to two percent token rewards with its native MCO token, airport lounge access (select cards), tap-and-pay functionality, as well as competitive interbank rates.
Convert crypto to fiat with a few taps
According to Crypto.com, users of the MCO Visa Card can easily convert their crypto to fiat using the mobile wallet to be spent at over 40 million locations worldwide, online and offline. However, the company highlights that users need to exchange crypto to fiat currency first via Crypto.com’s Wallet before transacting.
The company began shipping cards to Singapore users in October, and says it currently has reservations for over 100,000 cards.
The blockchain startup says that the cards come with no annual or monthly fees, and no-fee ATM withdrawals.
The company’s official announcement quotes Mark DeFazio, President and CEO of Metropolitan Commercial Bank, who said that they are pleased to work closely with Crypto.com, as “the MCO Visa card is quite unique and provides a bridge between the traditional banking and cryptocurrencies in a safe and compliant way.”
Card reservations are made through a Crypto.com’s Card & Wallet App available for iOS and Android users.
More than a card
Crypto.com believes their product range will be useful for both crypto newcomers and experienced users. In addition to the MCO Visa Card, the company has created products that are geared towards making cryptocurrency more accessible to a broader group of customers.
Crypto.com’s Wallet is designed to securely buy, sell, send, store, and track a range of cryptocurrencies including Bitcoin, Ether, XRP, Litecoin, Binance Coin, and its own MCO Token. Crypto Invest is a tool to help democratize quant trading. Crypto Credit, which is not yet released, will allow customers to “spend crypto without selling.”
Crypto.com assures, that their App is easier to use than some other platforms. For example, buying cryptocurrency requires only a few taps compared to the complex process of other wallets, the company says. With Crypto.com’s Track Coin feature, users can track coins, compare exchange rates and prices, and sort coins by capitalization, performance, and volume.
Crypto.com Co-Founder and CEO Kris Marszalek said, “Our vision is to put cryptocurrency into every wallet, and the upcoming card roll out in the United States is a huge step in that direction. Our products are beautifully designed to connect the fiat and crypto worlds and drive mass market adoption.
About the project
The company was founded in July 2016. Crypto.com was formerly known as Monaco until its rebrand to Crypto.com in July 2018. The founders had raised $26.7 million during their token sale in June 2017. Crypto.com is headquartered in Hong Kong.
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