Payments and crypto platform Crypto.com has reportedly revealed details of its MCO Visa cards release across 31 EU-based markets.
Specifically, the developments has reportedly expanded the firm’s reach throughout the EU to 27 membering countries, also including Switzerland, the UK, Iceland, and Norway, consequently led to the self-claimed “the most widely available crypto card in the world” status.
Before the mass roll-out in the EU, the card has reportedly been made available in Asia and the US.
Kris Marszalek – head of Crypto.com – has reportedly shared insights into the challenges the firm faced, in terms of securing the regulatory authorization from the authorities in the area, stating that Europe-based card issuing and distribution “is possible under a single EU licence, as long as it has been passported across all relevant jurisdictions”
“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”
Financial services providing firm from Germany Wirecard has reportedly been selected as an issuer for Crypto.com’s European cards.
“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.” Marszalek further remarked.
Marszalek also revealed plans for expanding to different new markets, and the ultimate target for the firm is to establish a global presence of the card.