The leading cryptocurrency payment platform, Crypto.com announced that it has received regulatory approval for its Visa card program in Canada and will soon introduce Visa MCO cards in the country.
The cards Visa MCO are prepaid cards that can be loaded with cryptocurrenciesincluding Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP and Crypto.com’s native MCO token.
The company announced that Canadian citizens can now reserve their crypto cards through a three-minute customer onboarding process and ID verification in the Crypto.com app.
This happens just a few days after the company announced that it would be expanding its MCO Visa card services in 27 European Union countries, as well as in Switzerland, the United Kingdom, Iceland and Norway. The company added services to Singapore in 2018 and launched in the U.S. in July 2019.
After its expansion into European countries The company claimed its card was the most widely used cryptocurrency card in the world. Speaking to Cointelegraph, Crypto.com CEO Kris Marszalek said his primary goal is to make his card available worldwide.
Crypto cards can have a massive impact on acceptance
Credit and debit cards for cryptocurrencies are being used more and more as users can issue cryptocurrencies without having to manually exchange them for fiat currencies.
Millions of merchants around the world now accept card payments, and Visa and Mastercard are the most common payment service providers. By working with these payment solution providers to develop credit or debit cards for cryptocurrencies Cryptocurrency companies can make crypto payments as easy as fiat payments, making it easy to roll out.
In addition, cryptocurrency company Coinbase became a key member of Visa in February 2020, giving the company the authority to issue its own debit cards without relying on third parties.