Crypto.com has revealed that its MCO Visa card has been approved for introduction across Europe. The news will enable millions of cryptocurrency holders within the EU to utilize the popular Visa card and mobile application. As of May 15, 2020, Crypto.com’s MCO card is shipping in Europe.
The metal MCO Visa (NYSE:V) card enables holders to earn up to 5% cashback, disbursed in crypto, every time holders shop in-store or online. In a promotional video released back in March, Crypto.com teased at the introduction of its European service, before tweeting confirmation of the roll-out on May 15. In an accompanying blog post, Crypto.com explains how European residents can apply for a card within the Crypto.com app, with the onboarding process taking around three minutes. Upon taking receipt of the Visa card, shoppers can use it anywhere Visa is accepted, while earning up to 5% cashback on their transactions.
From Monaco to Europe
Formerly known as the Monaco card, Crypto.com’s MCO card is now available in the US, Europe, and multiple APAC countries. Cashback ranges from 1-5% across the five tiered MCO cards that are available to order. Up to $120,000 a year can be withdrawn from ATMs using the MCO card. The arrival of the MCO card in Europe will introduce a major player that had hitherto been absent from this lucrative cryptocurrency market.
The majority of crypto debit cards available within the European market are Visa branded, with Mastercard’s (NYSE:MA) imprint largely absent from the burgeoning vertical. Crypto cards provide a millennial-friendly alternative to the debit and credit cards issued by traditional entities such as American Express (NYSE:AXP) and Citigroup (NYSE:C).
Crypto.com serves as an all-in-one digital currency platform, enabling users to purchase cryptocurrency with zero credit card fee, and to buy, sell, and pay for items using cryptocurrency. It also features a built-in exchange for investors eager to purchase assets at the best possible price, and to be able to offload them easily into a highly liquid market. More than 45 cryptocurrencies are supported by Crypto.com.
Straight Swap From GBP and Other Fiat Currencies
After obtaining an MCO Visa card, iOS and Android users within Europe will be able to instantly acquire cryptocurrency in their native fiat currency, including GBP, within the Crypto.com app. In a blog post announcing the news, Crypto.com wrote: “Our team is thrilled to share this significant milestone with the Crypto.com community. We would like to take this opportunity to thank the community for the incredible support we received and we look forward to sharing more updates and developments as we work to introduce cryptocurrency to the mass market.”
The Hong Kong-headquartered Crypto.com has been eyeing the European market for some time, having first gained a foothold in Asia and then North America. With over one million users, Crypto.com is a giant within the realm of crypto cards. It has achieved this success through a focus on security, compliance, and community engagement. Now that regulatory approval has been granted for Crypto.com to operate across Europe, uptake of its MCO Visa card is expected to be strong within the region, as cryptocurrency holders capitalize on the convenience of being able to spend and send crypto like cash.