Crypto.com plans to launch 100,000 Visa debit cards. This project, in partnership with the banks, will spread over Asian territory and will be the first debit card - clearly approved by banks - related to cryptocurrencies, which will not fail to upset the financial system of the continent (or even the world ) in theory.
The crypto debit card
We all know the system of debit cards backed by bank accounts. But the idea of pairing them with crypto-currencies has never been thought of by banking institutions, which has caused the start-up Crypto.com to seize the opportunity to break a new hole in the smart economy. The basic idea thus relates to the exploitation of debit cards for crypto-currencies in order to offer a more ergonomic and wider solution to users of digital and fiduciary money . German bank Wirecard will serve as an anchor and partner of the initial project.
"Not all exchanges support crypto / fiat currency transactions, and even if you hold your digital assets in wallets, the withdrawal process is also complicated. We believe that our product meets a real need and builds confidence in digital assets. With this Visa debit card, users will have the opportunity to convert their tokens into cash, " says Kris Marszalek, Chief Executive Officer of crypto.com.
100,000 cards to distribute
The first target of Crypto.com will be to distribute crypto debit cards in Asia, starting with Singapore. This perspective will serve as an introductory phase for crypto-users wishing to enjoy the crypto / currency system in any situation. Knowing that Singapore is one of the most open countries in the Blockchain and Cryptocurrency industry, the platform is committed to taking advantage of this situation to test the product. And since other users in the world are nervous about the risks and issues that affect crypto-currencies, Crypto.com has found in Singapore the best ground to start operating.Kris Marzalek said:
"For cryptocurrency holders, it is very important to have the peace of mind to easily convert back into currency and make withdrawals. "On the other hand, the digital aspect of cryptocurrency is much more difficult to secure than fiduciary currencies in the sense that no administrative guarantee is assigned to cryptocurrencies, unlike banknotes for example. On this, the borrowers are limited to 40-60% of their deposit.
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