The much sought after domain name Crypto.com was recently purchased by Hong Kong-based Monaco for millions of dollars. Monaco has now rebranded to Crypto.com, and has already impressed with their new product: the MCO Visa card.
The cryptocurrency debit card is finally here
At the recent TechCrunch conference in Zug, Switzerland, the CEO and co-founder of Crypto.com unveiled the new MCO Visa card. The card allows the holder to spend their cryptocurrency in over 40 million different locations across the globe. Not only that, but Kris Marszalek also explained that the card would come with benefits similar to, or greater than, that of traditional credit and debit cards.
How does the MCO Visa card work?
In a recent interview with CNN Money, Marszalek explained that he just before the interview had purchased two coffees with the MCO Visa card. How does it work? Users download the accompanying app, which allows them to access a digital wallet that can hold both fiat money and cryptocurrency. The wallet app will then allow the cardholder to spend their cryptocurrency tokens anywhere where Visa is accepted.
Marszalek went on to explain how the mission of Crypto.com is to speed up the process of cryptocurrency payments becoming a mainstream phenomenon. Not only will the MCO Visa card help with this mission, but it will also help convert skeptics who are perhaps hesitant to get into the world of cryptocurrency.
As with premium credit cards like those issued by the major credit card companies, Crypto.com will also offer an exclusive version of their card. In addition to the standard MCO Visa card, there will also be a personal concierge service offered to clients with a high net worth. Some of these exclusive benefits will include personal customer service, access to cryptocurrency events, and extra advice and consultation.
The different kinds of MCO Visa cards
There are currently two different cards on offer, one in ice white and one in obsidian black. Which card you get access to depends on how many MCO tokens you purchase. 5.000 MCO tokens will give you the ice white card, whereas it will cost 50.000 MCO tokens to get the obsidian black card. Those who get the standard ice white card will still be able to enjoy benefits like cash back rewards, bonuses for referrals, and access to exclusive airport lounges.
Buying Crypto.com was very expensive
A University of Pennsylvania professor by the name of Matt Blaze had the foresight to purchase the popular domain back in 1993. He had held on to it until now and did not sell it off cheaply. The actual amount Monaco had to pay for it is unknown, but educated guesses price it at around $10 million.
Marszalek stressed that the company would do their best to live up to the popular name and make Crypto.com the catalyst for a cryptocurrency future. The MCO Visa card is still going through some final tests before they are launched in the United States, Europe, and Asia later this summer.