New Dawn: Asia Is Getting Its Ever First Crypto Visa Card
Things within the financial market are about to get very interesting down in Asia as the continent readies to welcome its first ever crypto Visa Card, a serious development that’s bound to put the centralized banks on notice.
As is the fact, players in the crypto industry have been working round-the-clock to devise easy ways to bridge the apparent gap between the crypto world and the general financial market, and what better way to do that than to make it easy for people to convert their cryptos to fiat? In fact, the new development is bringing to the market something much more than just a means for digital currency conversion. With the new crypto Visa Cards, crypto holds will be able to access loans in fiat currencies using their digital asset holdings as collateral security.
Crypto.com, a Hong-Kong based company formally known as Monaco, is the lucky company that has applied for a license to prepare 100,000 crypto Visa Cards. The cards are set for launch within the next two months, and Singapore will be the starting point followed by the rest of the Asian continent. As mentioned, besides availing the cryptocurrency visa cards, the company involved has also applied for a license to expand its business to include a crypto-backed money-lending service.
Speaking about the subject, Crypto.com’s CEO, Kris Marzalek, had some soothing words for crypto users, saying that the cards will bring peace of mind to users since they can easily liquidate their digital assets into fiat currency whenever they want. Also, the crypto visa cards eliminate the tedious and sometimes tricky withdrawal processes currently faced by crypto holders at trading platforms and exchanges. To add to that, Kris also noted that not all exchanges actually support crypto-to-fiat conversions. The new crypto visa cards will solve that issue once and for all.
Access To Crypto-Backed Loans
One very notable fact about these crypto visa cards is about the users’ privilege of accessing loans using their crypto holds as collateral. A crypto visa card user will be able to access loans of up to 60% value of their digital assets. There will be no background checks conducted and no credit scores or credit history checks considered- very much to the opposite of what centralized banks do.
The crypto visa card will accommodate the leading cryptocurrencies that include BTC, ETH, BNB, MCO, and LTC. There will be 7 fiat currencies involved, with the USD, Hong Kong Dollar, and Singapore Dollar taking the lead. This development contributes to the campaign for wide-spread crypto and Bitcoin adoption.