Payments and cryptocurrency platform, Crypto.com, announced a broad European launch of its MCO Visa cards. The cards will soon ship to 31 countries in the region, according to the company’s blog post, published May 15.
The company’s European presence now covers all 27 EU member states, as well as Switzerland, the UK, Iceland, and Norway. The firm claims to have “the most widely available crypto card in the world” as a result of this expansion. Prior to this, it had already been offering services in Asia and the US.
When asked how difficult it was to get the green light from regulators across the region, Crypto.com CEO, Kris Marszalek, told Cointelegraph that card issuing and distribution in Europe “is possible under a single EU licence, as long as it has been passported across all relevant jurisdictions”. He elaborated:
“Each EU member state must transpose AMLD5 in local legislation which reflects in slight differences of approach and interpretation, but the overall purpose of the Directive is well adhered to by all countries”
All of Crypto.com’s European cards are issued by German financial services provider, Wirecard, Marszalek continued:
“The classic startup model is to launch in partnership with reputable financial institutions, build a user base and infrastructure (team, technology, licenses) and subsequently go for vertical integration. We’re following the same playbook.”
Crypto.com’s CEO added that they are actively working on a number of new markets, and that the company’s ultimate goal is to have its card available globally.
Crypto card industry to get more adoption in 2020?
The crypto debit card race has been intensifying since the start of 2020. Earlier this year, Coinbase became the first crypto company to be licensed as a principal partner of Visa. This means that it can now issue its own cards without middlemen.
In May, cryptocurrency Visa card platform, Swipe, announced a partnership with Samsung Pay, enabling its holders to manage crypto via Samsung smartphones and smartwatches.
Author: Cointelegraph By Stephen O’Neal