Crypto.com (MCO) to Introduce Crypto Visa Debit Cards in Singapore Soon

Crypto.com (MCO) to Introduce Crypto Visa Debit Cards in Singapore Soon

The Hong Kong based company plans to send out 100,000 Visa cards by December. The card will initially be issued in Singapore, and eventually worldwide

Crypto.com, formerly Monaco, publicly introduces Visa debit cards that lets card holders convert cryptocurrency straight into fiat money for cash out. $26.7 million was raised during their ICO in May and June 2017.

According to Crypto.com, their metal Visa card will not have an annual fee, the users can spend multiple currencies including cryptocurrencies anywhere, and one can also buy and sell crypto through their app. Those who desire to apply for a card will undergo the KYC process. The card itself will be linked to Crypto.com’s online wallets.

After the debit card product, Crypto.com will broaden the scope of their services. The company will be submitting an application in both Hong Kong and Singapore to qualify as a cryptocurrency-backed money lending firm. Their take on the credit/debit cards will divert from the usual business model. Instead of tying the loan amount to the card holder's credit limit, without minding whether they can afford to pay the loan or the late fees associated with it, the borrower will be allowed from 40 to 60 percent loan relative to their cryptocurrency collateral. The collateral is in the form of Bitcoin or MCO (Crypto.com’s coin).

With this business model, Crypto.com card holders will not face the problem of crypto market volatility. The risks related to the Bitcoin and MCO collateral will be shouldered by the company. The company will take a part of the processing and transaction fee as income.

The state of crypto cards remained vague for several months.

Crypto.com

MCO
Price
3.20 USD -0.69%
0.00080210 BTC -0.69%
Volume, 24h
882,197 USD
-39.22%
Marketcap
50,687,999 USD
0.04%
Emission

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Altcoin Buzz Team met with Kris and the crypto.com team at Money2020 Conference in Singapore on 21st March 2019. Watch the Crypto.com's MCO card unboxing at 18:12 Visit altcoinbuzz.io Timestamps - 18:12 MCO CARD UNBOXING 0:04 WHAT HAS CRYPTO.COM BEEN UP TO? 1:37 ARE YOU COMPETING WITH OTHER EXCHANGES LIKE COINBASE AND BINANCE? 2:22 THOUGHTS ON THE BEAR MARKET? 3:20 WHY DO THINK THE BEAR MARKET WOULD END? 6:07 WHAT HAS CHANGED FOR CRYPTO.COM IN THE LAST TWO YEARS? 7:01 WHAT IS THE COMPETITION STRATEGY FOR CRYPTO.COM? 8:31 HOW MANY USERS ARE ON CRYPTO.COM? 8:40 HOW MANY MCO TOKENS ARE LOCKED UP? 8:47 HOW MANY TOKENS ARE GETTING UNLOCKED MONTHLY? 8:57 HOW MANY TRANSACTIONS PER DAY? 9:24 HOW MANY MCO CARDS HAVE BEEN SENT OUT? 9:48 ANY CHANCE OF A MASTERCARD TIE UP? 9:53 WHICH MCO CARD IS MOST IN DEMAND? 10:38 HOW MANY ISSUERS HAS MCO TIE-UPS WITH? 11:43 WHY DID YOU SEE A NEED FOR CRYPTO.COM CHAIN OR CRO TOKEN? 13:58 STRATEGY TO GET VENDORS TO ACCEPT CRYPTO? 15:41 WILL CRYPTO.COM CHAIN MAKE THE VISA PARTNERSHIP IRRELEVANT? 16:16 WHICH ONE IS A BETTER INVESTMENT MCO OR CRO? ___________________________________________________________ NOTE The information discussed on the Altcoin Buzz YouTube, Altcoin Buzz Ladies YouTube, Altcoin Buzz Podcast or other social media channels including but not limited to Twitter, Telegram chats, Instagram, facebook, website etc is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the writer, reviewer or narrator and their risk tolerance may be different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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