Asia to Get It’s First Ever Crypto Visa Card by Crypto.com (previously known as Monaco)
The new dawn for cryptocurrency markets in Asia has arrivers as the continent will be welcoming its first-ever crypto, Visa Card. The development will put the centralized banks on notice.
Crypto industry has been working hard to bridge the apparent gap between the crypto world and the general financial market. The most important aspect of accomplishing it is to enable people to convert their cryptos to fiat. Notably, the Crypto Visa Card would not just be a means for digital currency conversion, it will allow crypto holders to access loans in fiat currencies using their digital asset holdings as collateral security.
Crypto.com, formally known as Monaco in partnership with a German bank that already has the appropriate licenses, including the store-value facility license will issue the cards in Singapore. Set to launch within the next two months, it will initiate from Singapore and will be spread across the Asian continent. Crypto.com also plans to apply for the licenses in appropriate markets.
Kris Marzalek, the CEO of Crypto.com. spoke about the subject and assured crypto users that the will lend them easy access to liquidate their digital assets into fiat currency whenever they want. Additionally, it will also eliminate the tedious and sometimes tricky withdrawal processes currently faced by crypto holders at trading platforms and exchanges.
Among the happy news, the most notable one is that crypto visa card holders could access loans using their crypto holds as collateral. Eliminating the hassle of background checks, credit scores or credit history the user will be able to access loans of up to 60% value of their digital assets.
The leading cryptocurrencies such as BTC, ETH, BNB, MCO, and LTC will be accommodated in The crypto visa card along with 7 fiat currencies involved, with the USD, Hong Kong Dollar, and Singapore Dollar. This development will majorly promote crypto and Bitcoin adoption across the continent.
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