Crypto.com Launches Crypto Debit Cards in 31 EU Nations
Crypto.com, Hong Kong’s leading payments and cryptocurrency platform, announced that it has commenced delivering its MCO Visa debit cards to 27 EU member states and 4 other European countries.
Based on the report on the development, the platform said the achievement would make the company become the biggest crypto debit card provider in the United States, Europe, as well as in Asia.
Launch Plans Began in 2018
The company revealed that the idea to startup the launch of the crypto-based debit card first began in 2018 when it rolled out the MCO Visa cards in Singapore. But with the achievement today, it would make the MCO Visa the most commonly accessible crypto debit card in the world.
The company has received a license from Visa and Wildcard Card Solutions (9WDCS) will now be responsible for issuing the Crypto.com MCO Visa Card.
Chief executive officer and co-founder of Crypto.com, Kris Marszalek, spoke about the development.
According to his words, “Since we first shipped our MCO Visa card in 2018, we have been rapidly moving into new markets and growing our user base.”
He further revealed that the company plans to provide a mobile app for the MCO Visa cards. According to him, when this is achieved, users will have the ability to manage their crypto financial transactions, including earn, buy and sell cryptocurrency options.
Making Strides In The Crypto Space
Crypto.com recently revealed in an announcement that it wants to make sure the platform is the leading payment and cryptocurrency platform in the world.
As a result, it has made enormous efforts to increase performance in the European market, which included ensuring the company follows the guidelines in the region and appointing Mariana Gospodinova as general manager in the region.
Also, it’s providing an additional layer of security for its users by increasing its total crypto assurance. They have increased it to an impressive $360 Million.
Just last year, the crypto company also launched its MCO Visa cards in the United States. The card does not have a monthly or annual fee and it supports both flat top-ups and crypto trading. During the launch, Crypto.com promised users they would get 5% crypto cashback on daily transactions.
Crypto.com has also placed a relief package for its teeming users to help cushion the affects of the coronavirus outbreak. The firm increased the cash backs for its users. The plastic card group was increased to 5% and the metal card group was increased to 10%.
This is similar to the card program currently being run by US based cryptocurrency exchange, Coinbase. The Coinbase Visa debit card program currently covers 29 European countries.
Initially, the MCO Visa was only available in Asia and the U.S. But this has extended to European countries, as Crypto.com hopes to capture the crypto cards market and set the pace for others to follow.
The company also stated that very soon, the cardholders in the U.S. could start trading with Google Play and Apple Store.
Card Users Exceed 2 Million Users
When a user loads crypto on the card, it automatically makes the crypto available for withdrawal in local fiat. With this development, observers say it will further strengthen the popularity of crypto-based transactions and make people more interested in the crypto market.
According to Crypto.com, thousands of EU consumers had already requested for card reservations and its user base is now more than 2 million.