Hong Kong-based blockchain startup Crypto.com, which was behind Asia’s first cryptocurrency Visa debit card, recently announced that its partner bank has applied to issue cards on the island city.

As reported by the South China Morning Post, the firm plans to ship over 100,000 cards to customers globally over the next two months, beginning with Singapore, with the intention of offering a new instrument for a market that has yet to be tapped.

Peace of Mind in Converting Cryptocurrencies Back to Cash

The debit cards are being issued in collaboration with Singapore-based subsidiary of Wirecard Bank, a Germany-listed fintech company.

According to Kris Marszalek, co-founder and CEO of Crypto.com, holders of cryptocurrencies want the “peace of mind” of being able to readily convert back to fiat currencies and cash.

The company also plans to apply for money-lending licenses in Singapore and Hong Kong as it seeks to gradually transform from a cryptocurrencies debit card platform to a cryptocurrencies-backed money lender.

Disrupting the Industry with Crypto and Sensible Lending Practices

Another aim is to allow holders of the firm’s Visa cards and users of its cryptocurrencies wallet service to take out loans collateralized with Bitcoin and Crypto.com’s own token , MCO.

Marszalek ultimately expects to disrupt the credit card industry, believing the way in which banks issue unsecured revolving credit to those who would struggle to pay the interest rates borders on unethical business.

By contrast, Crypto.com would face no credit risks from its borrowers, who would only be able to borrow fiat currency up to 40-60% of the value of the cryptocurrencies they must pledge as collateral.

Source: www.scmp.com

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