Crypto.com To Expand Visa Card Program To Canada

By RTTNews Staff Writer | Published: 5/22/2020 10:42 AM ET

Payments startup Crypto.com is set to expand its MCO Visa Card program in Canada.

The program was launched in Singapore in October 2018, in the United States in July 2019, and in Europe in April 2020.

Hong Kong-based Crypto.com's MCO Visa card was one of the first on the market when it launched in Singapore, and is now the most widely available card in the world. The card is issued by Wirecard Card Solutions Ltd., pursuant to a license from Visa.

The Crypto.com app acts as a single hub. Customers will be able to manage their card usage, move funds between crypto and fiat, and freeze or unfreeze their card with a single tap.

Once the card is paired with the app, users can securely buy, sell, store, send, and track cryptocurrencies, allowing them to use fiat currency converted from cryptocurrency without currency exchange fees. It also allows them to earn crypto and get an instant loan.

All MCO Visa Card transactions are denominated in fiat currency. All cryptocurrency exchanges to fiat currency take place before users may load their MCO Visa Card for use on the Visa network.

The MCO Visa card is a metal card with no annual fees and the Crypto.com Chain enables users to pay and be paid in any crypto, anywhere, for free.

There are seven card types, differentiated by increasing limits for free ATM withdrawals and extend of crypto cash-backs on usage.

The features offered on various cards are no annual or monthly fees, 100 percent rebate on Spotify, Netflix and Amazon Prime, airport lounge access for select cards, no fee ATM withdrawals, tap-and-pay functionality, and competitive interbank rates.

Earlier this month, the company had announced a new $100 million insurance policy that brings Crypto.com's total crypto insurance to $360 million, providing an additional layer of protection for its over 2 million user base against physical damage or destruction, and third-party theft.

In the U.S., the card supports both crypto and fiat top-ups and is now compatible with Apple and Google Pay. The U.S. card launch was in partnership with the Metropolitan Commercial Bank.

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe