Crypto.com was registered in 1993 by Matt Blaze, a professor of computer and information science at the University of Pennsylvania. The domain had created a lot of buzzes around and was lining up a number of interested buyers until it was finally bought by Monaco, a crypto project best-known for developing a crypto debit card in an unclosed deal.
Monaco CEO Kris Marszalek said the purchase of domain was to rebrand Monaco, to which they plan to make it to the parent company become Crypto.com and its Monaco services including visa cards and wallets become MCO.
MCO is known for its card oriented projects and had gained the attention of early crypto players with its making in two years.
Over the next two month, crypto.com is planning to ship more than 100,000 crypto visa debit cards to customers globally, starting with Singapore. The new cryptocurrency visa debit card is being considered as an instrument for a market that is not yet exploited. Fiat money is the currency, declared by the government, to be legal tender but is not a physical commodity.
The crypto.com CEO, Marszalek said that “To holders of cryptocurrencies, having the peace of mind that you can readily convert back into fiat currencies and cash out is very important.” He further continued “Not all exchanges support crypto-to-fiat transactions, and even if you hold your digital assets at the exchanges’ wallet, the withdrawal process is also complicated. We believe our product addresses a real need and enhances trust in digital assets.”
Crypto.com now known as Monaco since July, is also planning to apply for moneylending licenses in Singapore and Hong Kong. In addition to seven fiat money, the debit cards will be linked to fiats and crypto wallets supporting BTC, ETH, LTC, MCO and BNB including US, Singapore and Hong Kong dollars. The debit card ad users of its crypto wallets have the option to take out loans with Bitcoin and firms native MCO tokens. Monetary Authority of Singapore (MAS) has granted a stored-value license facility and the cards are issued in partnership with Wirecard Bank from Germany.
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