Crypto.com formally known as Monaco has tweeted an article featuring themselves on the South China Morning Post. The Hong Kong-based blockchain start-up hopes to become the first issuer of a Visa cryptocurrency debit card scheduled for release in Hong Kong and Singapore. Through this card a user can buy Bitcoin potentially to hold with a means to quickly convert back to fiat to cash out.
Monaco (MCO) is an approved Visa Program Manager making them the owner of the card program. MCO will manage the marketing, distribution, KYC/AML, customer support as well as working with a processor on transaction authorisation and the processing. MCO is currently listed on a multitude of exchanges including Binance, Bithumb, Bittrex and Cobinhood to name a few making it easy to Source MCO. Many markets for MCO do not trade against a fiat currency so may require the user to buy Bitcoin or another crypto that trades against it.
To become eligible for the MCO crypto card a user must deposit MCO to a MCO wallet in the app and it must be stored here. These tokens must be stored and held for over six months. MCO is a utility token to be used through their platform with scheduled services and functionalities to come as it develops.
If Crypto.com can become the first regulated company to offer a cryptocurrency debit card, they could lead the way for the market and others. A functional use for Bitcoin and other cryptocurrencies is vital to their adoption and could induce crypto buying.
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