Crypto.com, a leading crypto payments processor has announced that it will soon be rolling out its MCO Visa cards in Canada. This announcement comes after the company hadsuccessfully received regulatory approval for its Visa card program in the country. What this means is that, Citizens of Canada can now book their crypto card through a 3-minute customer onboarding process and ID verification on the Crypto.com app.
The MCO Visa cards are prepaid cards that can be topped up with cryptocurrencies like BTC, ETH, LTC, XRP, and the platform’s native token, MCO. All transactions through the card are denominated in fiat currency and cryptos are exchanged to fiat currency before users may use their card to transact on the Visa network. The card comes with no annual or monthly fees, no charges on ATM withdrawal, and no foreign transaction fees.
This announcement comes only a few days after the company had announced the expansion of its MCO Visa card services across 31 countries throughout Europe. The company had earlier in July 2019 and October 2018 launched the service in the U.S. and Singapore respectively. After their expansion across the Europe, the company claimed its Visa card was the most widely available crypto card globally.
Cryptocurrency debit and crypto cards are now becoming widely available as they allow crypto users to spend their coins without needing to manually exchange them into fiat currency. Millions of merchants around the world currently accept card payments, with Visa and MasterCard being the most widely used. Hence, the wide use of crypto debit and credit cards could greatly improve crypto adoption.
In February, Coinbase became the first pure-play crypto company to receive Visa membership to enable it issue debit cards without having to involve third parties. In March, Binance exchange also introduced its own debit card for easy online crypto shopping.