A long-awaited Visa crypto card is about to launch in the US.
Crypto.com, formerly known as Monaco, says it has earned approval in the US for its credit and debit cards that will allow users to spend their crypto anywhere Visa is accepted.
“Today, Metropolitan Commercial Bank and Crypto.com (through its affiliate Foris Inc.) announced that the companies are preparing to rollout the MCO Visa Card program in the United States following its launch in Singapore in October…
Using the Wallet App, customers are able to manage their card usage, transactions, and freeze or unfreeze their card with a single tap.”
The MCO Visa card is prepaid, and according to the company, there are no annual or monthly fees, no ATM withdrawal fees and no foreign transaction fees. Initially, the card will support five cryptocurrencies: Bitcoin, Ethereum, XRP, Binance Coin and MCO.
Here’s how it works: Users load their cryptocurrency onto their prepaid Visa card and convert it to a local currency. Once that’s done, the card is ready to be used anywhere Visa is accepted, including ATMs, retail stores and restaurants.
The crypto-friendly Visa card joins a growing ecosystem of similar cards.
BitPay Card, a prepaid Visa card, allows users to load Bitcoin and turn it into dollars within minutes by using a linked Bitcoin wallet. The Wirex Visa card also allows users to convert and spend Bitcoin, Litecoin, Ethereum and XRP like traditional money.
To date, the company says more than 100,000 MCO Visa cards have been reserved worldwide.