A crypto platform is unveiling features that enable users to borrow against their assets to unlock spending power.

A “next-generation” mobile payment platform has unveiled two products that are designed to help users smartly manage money matters and enjoy “greater financial empowerment.”

Crypto.com’s first new offering, Crypto Earn, gives the public “the freedom to grow their assets.” Available through the platform’s flagship app, the service allows users to deposit virtual currencies and accrue incentives, the company said. Consumers can choose to hold their assets for either one month or three months, and the company said a flexible plan will follow in the future.

The Hong Kong-headquartered company, which was founded in 2016, has also launched a second product called Crypto Credit. This service is designed to help users unlock spending power and monetize crypto assets without selling them — potentially helping borrowers to ride out price volatility in the marketplace.

Once a loan is taken out, borrowers are allowed to set their own repayment terms within a 12-month period, as well as avoid monthly late fees and deadlines. No credit checks are required for consumers to use this service, and the website says that it offers a loan-to-value ratio of 40% on bitcoin.

Loans are paid out in stablecoins, and the funds can be loaded onto Crypto.com’s MCO Visa Card to spend on everyday goods and services.

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Kris Marszalek, the company’s co-founder and CEO, said: “MCO Visa Card, Crypto Earn, and Crypto Credit together form a powerful product suite that nobody else in the industry has today. We’ve never been more excited about the potential of our platform and look forward to continue scaling it globally later this year.”

Crypto Earn and Crypto Credit are available to users who have already been approved to use the Crypto.com Wallet and Card app — with the exception of residents in Singapore, Switzerland, Malta, the United States and Hong Kong. The company said efforts are underway to make the services available in these areas.

Collectively, the company said it is offering a modern approach to financial services — offering a crypto-focused alternative to banks that lend and accept deposits.

Positive feedback

As previously reported by Cointelegraph, Crypto.com’s MCO Visa Card offers cashback benefits that are meant to appeal to modern consumers and frequent flyers. Depending on the tier of subscription they choose for the card, consumers have the potential to benefit from free Netflix and Spotify subscriptions as well as cashback on all purchases, and additional rebates whenever bookings are made on the likes of Expedia and Airbnb.

When the new cashback features were unveiled back in March, Crypto.com’s CEO said the company had received “hugely positive feedback” from customers in Singapore, with the platform setting its sights on shipping its cards to customers in Europe, the U.S. and other markets.

Earlier in May, Crypto.com announced that it had officially received an ISO/IEC 27001:2013 certification following “rigorous third-party security audits.” The platform claimed it is “the first cryptocurrency wallet application to achieve this coveted accreditation,” and its chief information security officer claimed in a blog post that “the certification demonstrates that cybersecurity and privacy are embedded into Crypto.com’s DNA.”

Meanwhile, new coins and tokens have been added to the Crypto.com Wallet and Card app as the company strives to welcome users from across the community. Recent introductions include Enjin’s ENJ Coin — commonly used by gamers — along with the Basic Attention Token, an addition that is set to benefit an estimated 6 million people who actively use the Brave browser.

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