Fintech platform, Crypto.com, in a recent blog post revealed plans to launch its brand of MCO Visa cards in Canada.
Previously, Crypto.com had successfully rolled out these cards in several other countries starting with Singapore, then followed by the United States and Europe. The launch of the cards in Europe took place in April this year. Earlier, they became available to US users in July 2019. It all started when they first unveiled the MCO Visa cards in Singapore in 2018.
Crypto.com noted that its Candian users were quite excited by the announcement as they had been looking forward to the launch.
About MCO Visa card
The card is prepaid with “high-end metal cards” and incurs zero yearly or monthly fees. Users can make ATM withdrawals and even cross-border transactions at no cost at all. MCO Visa card also supports “tap-and-pay functionality” and allows easy access at airport lounges for selected cardholders.
The blog post revealed that Canadian users interested in owning an MCO Visa card would have to make reservations using the Crypto.com app. It involves a simple onboarding process. Expected to last approximately three minutes, users will also need to provide some form of identification.
The app provides users with total control of their funds. With it, users can easily supervise their card usage as well as the transaction details. The blog also highlighted the app’s functionality that allows users to “freeze or unfreeze their card with a single tap”. Moreover, cardholders would now be able to buy, sell, and even track their crypto transactions. Additionally, all crypto-to-fiat transactions in the app would attract zero exchange fees.
It is, however, important to note that all MCO card transactions occur using fiat currencies. To make use of the MCO Visa card, users will thus need to carry out crypto-to-fiat transactions on the Visa platform first. Crypto.com also mentioned in its blog post that usage of the MCO Visa card might attract several terms and conditions such as ATM bank fees.
Previously, popular e-commerce platform Ecwid had incorporated the Crypto.com Pay plugin on its website. Also, Crypto.com recently announced the launch of its alpha testnet alongside several other updates.