Crypto.com, a Hong Kong-based blockchain startup previously known as Monaco, has reportedly applied for a license to issue cryptocurrency Visa debit cards. As indicated by the South China Morning Post, Crypto.com is intending to deliver more than 100,000 crypto payment cards to its clients in Singapore, Hong Kong, and in a few different nations all through the world.
The crypto debit card supplier has been issued a “stored-value facility” license by Singapore’s financial regulator and central bank, the Monetary Authority of Singapore (MAS). Remarking on the rollout of the crypto-based payment cards, Crypto.com co-founder and CEO, Kris Marszalek, stated:
“To holders of cryptocurrencies, having the peace of mind that you can readily convert back into fiat currencies and cash out is very important.”
Users will additionally have an access to a multi-currency wallet that will permit deposits and withdrawals for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), and the Monaco token (MCO). Also, the wallet will support transactions for fiat currencies such as USD, Singapore dollars (SGD), Hong Kong dollars (HKD).
Crypto.com’s crypto payment card system has been developed through a partnership with Wirecard Bank, a German financial services provider. Marszalek clarified that the crypto cards will be acquainted with an “untapped market” and that they will help bridge the gap between fiat currencies and cryptos.
He also added that the cryptocurrency market needs better liquidity benefits by mentioning that:
“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 product addresses a real need and enhances trust in digital assets.”
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