Asian distributed ledger technology-based company, Crypto.com is set to distribute about 100,000 pieces of its cryptoassets Visa debit card to users in Singapore and other parts of the world, to ease conversion of digital currencies to fiat, as first reported by a local news source, South China Morning Post on September 5, 2018.
Peace of Mind for Bitcoin Holders
Per sources close to the matter, the firm would start distributing its cryptocurrency Visa debit cards in the next two months to various parts of the globe.
The founder and CEO of Crypto.com, Kris Marszalek, has noted that the initiative is aimed at eliminating the challenges that bitcoin and other cryptocurrency investors face while trying to exchange their digital assets for fiat money.
“To holders of cryptocurrencies, having the peace of mind that you can readily convert back into fiat currencies and cash out is very important.”
Truth be told, there are hundreds of cryptocurrency exchanges currently in existence; however, the sad fact remains that just a handful of them support crypto-to-fiat withdrawals and the ones that do, often find it a herculean task processing clients’ withdrawals in real time.
Marszalek is not oblivious to these bottlenecks and has hinted that Crypto.com’s virtual currency Visa debit cards would put a permanent end to the menace.
“Not all exchanges support crypto-to-fiat transactions, and even if you hold your digital assets at the exchanges’ wallet, the withdrawal process is also complicated. We believe our card addresses a real need and enhances trust in digital assets.”
The cryptocurrency debit card supports five cryptoassets including bitcoin, litecoin, ethereum, MCO, binance coin and others.
The firm has made it clear that interested applicants for the debit card would be required to undergo KYC procedures.
Crypto.com Digital currency-backed Lending, in the Pipeline
Formerly known as Monaco before a name change earlier this year, Monaco launched a successful initial coin offering (ICO) that reportedly raised $26.7 million in the sale of its MCO tokens.
Now, the firm has said it’s also looking to launch its crypto-backed lending service and would file for the necessary money lending licenses in Singapore and Hong Kong shortly.
After the launch of the service, users of its debit cards and cryptocurrency wallet will be able to obtain loans using bitcoin as well as MCO tokens as collateral.
Crypto.com to Disrupt Credit Card Ecosystem
The founder of Crypto.com firmly believes that the firm’s product offerings have all it takes to disrupt the credit card industry, as the existing credit card ecosystem borders on “unethical business.”