Cryptocurrency and payment platform Crypto.com announced a broad European launch of its Visa MCO cards. According to an article on the company’s blog that was published on May 15, the cards will soon be sent to 31 countries in the region.
The company’s European presence now includes all 27 EU member states plus Switzerland, the United Kingdom, Iceland and Norway. The company claims to have “the best available cryptocurrency card in the world” due to this expansion. The company had previously offered services in Asia and the United States.
When asked how difficult it is to get the green light from regulators in the region, Kris Marszalek, CEO of Crypto.com, told Cointelegraph that cards can be issued and distributed in Europe with a single license from EU as long as it has gone through all relevant jurisdictions. ” He explained:
“Every EU Member State should include AMLD5 in local law, which is reflected in slight differences in approach and interpretation. However, the general objective of the directive is well respected by all countries.”
All European Crypto.com cards are issued by the German financial service provider Wirecard. Marszalek continued:
“The classic start-up model consists of building a user base and infrastructure (equipment, technology, licenses) in cooperation with renowned financial institutions and then striving for vertical integration. We follow the same game book.”
The CEO of Crypto.com added that they are actively working in several new markets and that the company’s ultimate goal is to make its card available worldwide.
Will the cryptocurrency card industry find more acceptance in 2020?
The career in crypto debit cards has intensified since the early 2020s. Earlier this year, Coinbase was the first company to be licensed as Visa’s primary partner. This means that you can now issue your own cards without intermediaries.
In May, the Swipe cryptocurrency Visa card platform announced a partnership with Samsung Pay that would allow its holders to manage cryptocurrencies through Samsung smartphones and smartwatches.