Crypto.com, a Hong Kong-based blockchain startup formerly known as Monaco, is aiming “to accelerate the world’s transition to cryptocurrency.”

How will they do this?

The plan is to introduce Asia’s first cryptocurrency Visa debit card. Over the next two months, Crypto.com will issue 100,000 cards in Singapore (pending approval of the licenses applied for.)

In addition to the metal Visa cards, Crypto.com also plans to offer crypto backed money lending in Singapore and Hong Kong as one of their services.

Company co-founder and CEO, Kris Marszalek, said; “To holders of cryptocurrencies, having the peace of mind that you can readily convert back into fiat currencies and cash out is very important. Not all exchanges support crypto-to-fiat transactions, and even if you hold your digital assets at the exchanges’ wallet, the withdrawal process is also complicated. We believe our product addresses a real need and enhances trust in digital assets.”

Crypto.com’s MCO Visa Card portfolio and MCO Private service will “enable users to spend cryptocurrency at over 40 million locations worldwide that accept Visa.” Cardholders will enjoy 2% cash back on purchases with no annual fee and take out loans backed by the MCO token and Bitcoin. Card benefits will appeal especially to international travelers as some cards come with unlimited airport lounge access with LoungeKey and overseas spending with perfect interbank exchange rates.

The MCO Debit Card will be linked to cryptocurrency wallets and fiat accounts so customers can spend their digital currency after converting it to fiat. Currently, BTC, ETH, LTC, MCO, and BNB are supported and can be converted into seven fiat currencies including US, Singapore, and Hong Kong dollars.

According to Marszalek, Crypto.com embraces a vision of cryptocurrency in every wallet and plans to make a change in the banking and credit card industry. While for decades, banks have been bordering on “unethical business” as they issue credit cards to consumers who can’t afford the interest rates and late fees. Crypto.com will reduce the risk for borrowers. Those looking for a loan will only be able to borrow fiat currency up to 40-60 percent of the value of cryptocurrencies they must pledge to the company as collateral.