MCO Visa, Crypto.com’s crypto-to-fiat debit card, is already being shipped out across 31 countries in the European region, the company said in a blog post on 15 May.
According to the announcement, Crypto.com now has “the most widely available crypto card in the world”, which covers all 27 E.U. member states, as well as Switzerland, Iceland, Norway and the U.K.. The card, which exchanges a user’s cryptocurrency for local fiat, was previously only available in the U.S. and Asia.
The company’s Co-founder and CEO, Kris Marszalek, commented on the new expansion:
“Since we first shipped our MCO Visa card in 2018, we have been rapidly moving into new markets and growing our user base. Crypto.com has separated itself from the pack by focusing on building an end-to-end crypto ecosystem that features high levels of security.”
With the new expansion in the E.U., cardholders in the U.S. can also start integrating their cards with Google and Apple Pay. The firm also revealed that it already had “thousands of reservations” lined up from consumers in the E.U., and claimed that it already had a user base of over two million. The one issuing all of Crypto.com’s European cards is the German financial services provider Wirecard.
The crypto debit card business seems to be growing, with more and more companies joining the game. In February, crypto exchange Coinbase became the first company in the crypto industry to be licensed as a principal member of Visa, allowing the company to offer its services in 29 countries, including Estonia, Germany, France, Italy, Norway, Sweden, and the U.K..
Swipe, on the other hand, entered into a partnership with Samsung Pay at the start of May, allowing its cardholders to manage their crypto through Samsung’s smartphones and watches. The collaboration also allowed Swipe cardholders in the United Kingdom and the European Union to use their crypto balances at over 50 million locations globally.
Crypto.com also added an additional layer of protection for its userbase earlier this month, when it announced it had secured an additional $100 million crypto insurance from institutional custody provider Ledger Vault. With this, the total amount of crypto insurance of Crypto.com has grown to a massive $360 million.