Crypto.com to Launches Asia’s First Ever Crypto Visa Card
Crypto.com, formerly known as Monaco, is launching the first-ever Crypto Visa Card for Asia. Cardholders will be able to spend their crypto, via automatic fiat conversion, at any location that accepts Visa credit cards.
Crypto.com, formerly known as Monaco, is launching the first-ever Crypto Visa Card for Asia. This move ushers in a new dawn for cryptocurrency in the continent.
Cardholders will be able to spend their crypto, via automatic fiat conversion, at any location that accepts Visa credit cards.
Cryptocurrencies entering a new age
Interest in Crypto trading has continued to rise over the past few months. Cryptocurrency companies positioning themselves to ensure that accessing the technology becomes easier for people all over the globe.
Of the many ways companies are working on to bridge the gap between the crypto world and the mainstream financial sector, Asia stands out.
Crypto.com is set to produce a Crypto Visa Card, which would simplify the conversion of crypto to fiat for its users.
The Visa Card, which will be available to Asian cryptocurrency holders, will allow holders to access loans in fiat currencies using their digital asset holdings as collateral security.
Crypto.com, which is based in Hong Kong, has already applied for a license as it looks to prepare 100,000 Crypto Visa Cards.
The Crypto Visa Card supports leading coins such as BTC, ETH, BNB, MCO, and LTC. The cards will also integrate 7 fiat currencies including the United States dollar, Hong Kong dollar, Singapore dollar, and others.
Crypto.com partnered with German-based Wirecard Bank, which holds numerous partnerships with various FinTech firms, which enabled them to issue its own brand of Crypto Visa Cards.
Crypto.com has already obtained a stored-value facility license from the Monetary Authority of Singapore, allowing Singaporeans to be the first to receive access to the card.
Expansion to other Asian countries is said to come in the near future after necessary agreements with their respective governments are reached. The company also applied for a license to expand its business as it looks to offer a crypto-backed money-lending service.
Crypto.com looking to compete with credit cards with lending product
Crypto.com CEO Kris Marszalek is of the view that the card has a lot of potential, both in the cryptocurrency industry and in other markets.
Even though investors are into the cryptocurrency market for the long-term, there are some who are looking for products and services that would make it easy for them to trade tokens without much longterm commitment.
The Crypto Visa Card is not the only thing Crypto.com is working on. It is also planning to change the credit card industry using its lending service. Marszalek noted that the high-interest rates by banks are based on unethical business models.
He added that banks offer unsecured revolving credit to individuals, which eventually puts credit cardholders in a financial trap. Crypto.com is looking to offer something different. The company would not offer unsecured loans.
Instead of applying for unsecured loans, clients will be able to apply for a loan with their cryptocurrency tokens as collateral.
Loans will not be approved unless they are between 40 and 60 percent value of the token. Unlike bank loans, Crypto.com loans do not require any background checks, credit scores or credit history checks.