On November 16, the Metropolitan Commercial Bank (MCB) and Crypto.com announced that they are preparing to launch the MCO Visa Card program in the United States.
Crypto.com’s press release noted that its MCO Visa Card program had already been introduced in Singapore in October (through its affiliate company, Foris Inc.).
Key Features Of MCO Visa Card Program
As explained in the company’s announcement, the MCO Visa card is “a prepaid card” with the following key features:
- “high-end metal cards”,
- “no annual or monthly fees”,
- “airport lounge access for select cards”,
- “no-fee ATM withdrawals”,
- “tap-and-pay functionality”, and
- “no foreign transaction fees”.
Those looking to obtain an MCO Visa card may register via the Crypto.com wallet and card app.
The online registration process involves completing know-your-customer (KYC) checks - which include providing a government-issued ID for verification purposes. Moreover, Crypto.com’s wallet users can manage, or monitor, how their card is being used.
Over 100,000 MCO Visa Cards Now "Reserved Globally"
Similar to the standard features provided by most cryptocurrency wallets, Crypto.com’s wallet app allows users to check their incoming and outgoing transactions. However, one unique and important feature not typically found in other wallet apps is the ability to “freeze or unfreeze” Crypto.com’s payment card (“with a single tap”).
Notably, over 100,000 MCO Visa Cards have now been “reserved globally.” As mentioned on Crypto.com’s official website, the company’s wallet app allows users to “buy, sell, store, send, and track cryptocurrencies .”
In most cases, users looking to pay for goods and services have to convert their digital currency to fiat money via an exchange. With Crypto.com’s card, there is no need for this because the card itself automatically converts the user’s crypto to the fiat equivalent (which is what the merchant actually receives).
Accelerating Crypto Adoption
Mark DeFazio, the president and CEO of Metropolitan Commercial Bank, said:
We are pleased to work closely with Crypto.com and Foris in bringing this innovative product to the US market. This program speaks directly to The Entrepreneurial Bank spirit that we have and seek to promote. The MCO Visa Card is quite unique and provides a bridge between traditional banking and cryptocurrencies in a safe and compliant way.
Kris Marszalek, the co-founder and CEO of Crypto.com, remarked:
We are thankful for the support of Metropolitan Commercial Bank in sharing our vision. The market demand for the MCO Visa Card has been overwhelming and we look forward to bringing it to customers as soon as possible. This is another important step towards our mission of accelerating the world’s acceptance of cryptocurrency.