Leading cryptocurrency payments platform Crypto.com announced that it has received regulatory approval for its Visa card program in Canada, and will soon be rolling out MCO Visa cards in the country.
MCO Visa cards are prepaid cards that can be topped up with cryptocurrencies including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP, and Crypto.com’s native MCO token.
The company said that citizens of Canada can now book their crypto cards through a three-minute customer onboarding process and ID verification on the Crypto.com App.
This comes only a few days after the company announced that it was expanding its MCO Visa card services across 27 countries throughout the European Union as well as Switzerland, the United Kingdom, Iceland, and Norway. The company added services for Singapore back in 2018 and launched in the United States in July 2019.
After its expansion across European countries, the company claimed its card was the most widely available crypto card in the world. In conversation with Cointelegraph, Crypto.com CEO Kris Marszalek said that their ultimate goal was to make their card available globally.
Crypto cards may massively impact adoption
Cryptocurrency debit and credit cards are now becoming more common as they allow users to spend cryptocurrencies without going through the process of manually exchanging them into fiat currency.
Today, millions of merchants around the world accept card payments, and Visa and Mastercard are the most common payment service providers. By working with these payment solutions providers to develop cryptocurrency debit or credit cards, cryptocurrency firms can make crypto payments as easy as that of fiat, hence, making adoption easier.
Furthermore, in February 2020, the cryptocurrency firm Coinbase became a principal member of Visa, which gave the company the authority to issue its own debit cards without having to rely on any third party.