A Hong Kong company is set to issue 100,000 “cryptocurrency Visa debit cards” over the next two months, in what it claims will be a first for Asia.
Per newspaper the South China Morning Post, the company, Crypto.com (formerly known as Monaco) has partnered with Germany’s Wirecard Bank for the project, and will begin issuing the cards in Singapore, with a view to spreading “globally.”
“To holders of cryptocurrencies, having the peace of mind that you can readily convert back into fiat currencies and cash out is very important,” Kris Marszalek, Crypto.com co-founder and chief executive, was quoted as saying by the report. The company will take an unspecified cut of the transaction-processing fee as revenue. It will also earn revenue from its cryptocurrency trading services and an automated cryptocurrency buying and selling service that is still undergoing internal testing, the report added.
Crypto.com says it will first apply for money lending licenses in both Singapore and Hong Kong. It will then look to roll out its cryptocurrency debit cards, which will allow cryptocurrency-backed lending. The company says cardholders will be able to take out Bitcoin-backed loans, or use its native MCO token.
The project has obtained a stored-value facility license from the regulatory Monetary Authority of Singapore.