Crypto.com has decided to enter the US market and juggle with the patchwork of regulations in the US states. The company will be offering its MCO Visa cards to American customers soon. The cards will be issued by the Metropolitan Bank, a New York City-based entity which has a publicly traded parent company – Metropolitan Bank Holding Corp.
Crypto.Com’s Huge Step in the US
The Twitter handle of Crypto.com announced the news of its entry into the US markets. The company tweeted:
Coming to America! @cryptocom is excited to announce that our MCO Visa Card has received the green light for launch in the United States. Another step towards our mission of accelerating the world’s transition to #cryptocurrency. Find out more: https://t.co/93SDxFsI39 pic.twitter.com/eCInGKRq3r
— Crypto.com (@cryptocom) November 16, 2018
Co-founder and CEO of Crypto.com, Kris Marszalek thanked Metropolitan Commercial Bank for sharing their vision and said that the market demand for the MCO Visa Card is high. He also said that the company is working to bring the cards to their customers as soon as they can. Marszalek also called the partnership with Metropolitan another step towards their mission of increasing crypto acceptance around the world.
Metropolitan Commercial Bank’s president and CEO Mark DeFazio noted that the bank was pleased to work with Crypto.com and their subsidiary Foris Inc. to bring the innovative product to the US market. He also said:
“This program speaks directly to The Entrepreneurial Bank spirit that we have and seek to promote. The MCO Visa Card is quite unique and provides a bridge between traditional banking and cryptocurrencies in a safe and compliant way.”
What Is the MCO Visa Card All About?
The MCO Visa card has already been launched in Singapore. It is a prepaid card made from high-end metal, free from any monthly or annual fees. It also provides airport lounge access, no-fee ATM withdrawals, tap-and-pay functionality, and it also comes without foreign transaction fees.
Interested people can make reservations on the Crypto.com Wallet & Card app, where there is a simple three-minute process for onboarding customers, including ID verification. Customers can also use the wallet to manage the use of their cards, keep track of transactions and freeze or unfreeze cards as needed. Over 100,000 of these cards have already been reserved from around the world, and Crypto.com’s entry in the US means that several more reservations could be on the way.
The Wallet app also adds more value to the cards as it allows users to buy, sell and store their cryptocurrencies easily. All the transactions are done in fiat currency denomination, which helps users to convert their crypto holdings into a dollar-amount quickly, without incurring any exchange fees.