Cryptocurrencies moved a step towards everyday use Friday when US bank Metropolitan Commercial announced its plans to rollout an MCO Visa Card program. This is following the launch of the MCO card in Singapore in October. The MCO card, operated by Crypto.com following a rebrand from ‘Monaco’ in July, is a prepaid card that will allow users to buy, store, sell, and – most crucially – spend cryptocurrency anywhere that Visa is accepted. The news is an exciting development for those who want to see mainstream adoption of cryptocurrencies and have wished for easier ways to spend them.
Wavecrest Issues in the Past
Visa-crypto cards have had something of a rocky history, with the most recent obstacle being erected earlier this year when Wavecrest, a major provider of cards to the crypto card issuing companies, was prevented from doing business by Visa. Wavecrest was therefore no longer able to issue new cards and was forced to stop those already issued, leaving users unable to spend their crypto. This new tie in seems to be somewhat more concrete, and comes with the strong blessing of Mark DeFazio, President and CEO of Metropolitan Commercial Bank:
We are pleased to work closely with Crypto.com…in bringing this innovative product to the US market. This program speaks directly to The Entrepreneurial Bank spirit that we have and seek to promote. The MCO Visa Card is quite unique and provides a bridge between traditional banking and cryptocurrencies in a safe and compliant way.
A Sign of Legitimacy?
Crypto.com co-founder and CEO Kris Marszalek said the market demand for the MCO Visa card had been “overwhelming” and that the partnership represented “another important step towards our mission of accelerating the world’s acceptance of cryptocurrency.” Mastercard already has its hands in the crypto pie, while other payment services already exist. Yet, investors may see this tie-in with Metropolitan Commercial as the best example to date of an appreciation of the potential, and legitimacy, of cryptocurrency.
