Crypto.com is a payment and cryptocurrency platform, announced on Monday this week the expansion of their services to offering debit cards. The VISA card offered by the crypto company is set to be released to consumers globally starting this week.
The credit cards were first released in Singapore in late 2018 offering a fast way to make day to day payments using cryptocurrencies. The debit cards have received massive market acceptance with over 125,000 customers making reservations to own the debit cards. Although they are only available in Singapore, plans to come to the United States should roll out this summer.
The cryptocurrency company has introduced discounts of up to 100% to subscriptions of Netflix and Spotify depending on the cardholder. This marketing tactic is set to lure more customers to spending their digital assets through the Crypto.com VISA debit card. Furthermore, the company announced that the exchange will be offering up to 10% discounts on Expedia bookings and a 10% cash back feature on Airbnb payments made by the VISA-crypto card.
The exchange platform offers six types of prepaid debit cards that allow customers to hold digital assets including BTC, ETH, and MCO tokens. Users can select the lower tier card that does not require any payments or the latter two tiers that require users to stake some coins (MCO tokens). With the paid debit cards users are offered several perks including a 1%-5% cashback on their purchases using the debit card.
Crypto.com introduced the Vortex trading machine that reduces the trading fees to almost zero by matching orders to several cryptocurrency exchanges. This allows the company to remove the mark ups and trading fees on customers. The company has not imposed annual or monthly fees on the metal cards and has no ATM withdrawal fees.
The nature of the Vortex Trading machine makes the transactions on the platform cheaper than ordinary exchanges. Furthermore, travelers need not to worry as the company also offers the lowest currency exchange rates, almost equal to the Google price switch.