Visa MCO cards, which allow you to spend your crypto-currencies in shops and on the internet, have recently been introduced in Singapore.
Crypto.com and the Metropolitan Commercial Bank plan to launch these cards soon in the United States.
Crypto.com and its range of “crypto-cards” Visa
On November 16, the Metropolitan Commercial Bank (MCB) and Crypto.com announced that they were preparing for the launch of the Visa MCO card in the United States.
These cards are available since last October in Singapore, through the subsidiary Foris.
The Visa MCO is a “prepaid card” that has the following features:
- no monthly or yearly fees
- free withdrawals (with certain limits)
- a tap and pay feature
- no fees on foreign transactions (with certain limits)
Registration requires “Know Your Customer” verification – which includes providing identification.
More than 100,000 reserved MCO Visa cards
Crypto.com wallet users have the ability to easily manage their MCO account through their smartphone. They can “freeze or thaw” their credit card in one click.
Crypto.com reveals that more than 100,000 cards have been “reserved around the world”.
Consumers who wish to pay for goods or services with their cryptocurrencies must generally first exchange these for cash. The Crypto.com card allows them to automatically convert their digital assets to their cash equivalent – an equivalent that the recipient of the payment will receive.
“Favor the adoption of crypto-currencies”
Mark DeFazio, the CEO of Metropolitan Commercial Bank, said:
“We are pleased to work closely with Crypto.com and Foris to bring this innovative product to the US market […]. The Visa MCO card is unique and allows the traditional banking sector and the cryptocurrencies to be connected in a secure and regulated way. “
Kris Marszalek, the co-founder and CEO of Crypto.com, also expressed his enthusiasm:
“We are pleased with the support of the Metropolitan Commercial Bank, which shares our vision. The market demand for the Visa card is impressive, and we look forward to offering it to our customers as soon as possible. This is an important step in our mission to foster the adoption of crypto-currencies around the world. “