Crypto.com, a leading payments and cryptocurrency platform, is dedicated to accelerating the global transition to cryptocurrency. One of its pivotal projects is the MCO Token, which carried out its token sale in May-June 2017, raising a noteworthy US$26.7 million.
MCO Card: Revolutionizing Payment Methods
The MCO Card is a Visa-branded debit card that pulls from a crypto-funded bank account. Its operation mirrors any regular card, and it offers account and associated card free for holders of cryptocurrency. To open an account, users are required to sign up, verify their identity, and transfer their preferred cryptocurrencies to the account. Despite being currently available only to customers in Asia, Crypto.com plans to expand its reach to other regions, with a waitlist already in place for European customers.
Transitioning to Cryptocurrency Payments
MCO's aim is to solve the problem of everyday payments in cryptocurrency. Although its project is not the only one striving to establish crypto-backed debit cards, its approach to merging traditional payment methods and cryptocurrencies sets it apart. Crypto.com aspires to resolve the challenges faced in executing such cards on a large, compliant scale.
Company History and Progress
Established in June 2016 in Switzerland under the name Monaco, Crypto.com underwent a rebranding process in July 2018. The company successfully developed its first prototype in October 2016, and by February 2017, it was accepted into a Hong Kong Government backed incubation program. Here, the team further developed their platform until they were ready for their token sale in 2017. With the sale finishing in June and securing $26.7 million in funding, their app was made available to pre-registered users in August 2017. By October, they had officially partnered with Visa.
The Edge of MCO Cards
Because MCO Visa cards are crypto-backed, they don't have border restrictions like traditional fiat currencies, making them ideal for cross-border transactions. The card defaults to the local fiat currency automatically when a purchase is made. Not only does MCO offer low transaction fees and exchange rates, but it also partners with eight of the top ten international foreign exchange banks for seamless currency conversion. This makes MCO Visa cards a compelling option for those looking to use cryptocurrency for everyday purchases and
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