Cronos, a leading player in the cryptocurrency industry, has recently unveiled a groundbreaking prepaid crypto card service in partnership with Crypto.com. This new service allows users to withdraw their funds directly to a Crypto.com prepaid card with just one click, enabling them to use their crypto assets for everyday transactions.
This innovative feature marks a significant milestone in the industry, as it is the first time such a service is being offered to users. By linking their web3 non-custodial wallet on Cronos EVM or Cronos zkEVM to a Crypto.com prepaid card, users can easily top up their card from their Cronos wallet and then use it for transactions. In cases where a token is not directly supported, the platform automatically converts it into USD Coin (USDC) or Ethereum (ETH).
Ken Timsit, Head of Cronos Labs, expressed excitement about the new feature, stating, “With this new feature, Cronos users can off-ramp their crypto assets almost instantly and spend them wherever prepaid cards are accepted. By eliminating the wait times and multiple steps usually required when cashing out, Cronos is bringing DeFi closer to everyday life, allowing users to hold their digital assets for longer with the knowledge that they can easily withdraw funds at any time.”
The launch of Cronos’s prepaid card solution comes amidst a growing trend of adoption of crypto for everyday transactions. Just recently, The Avalanche Foundation, in collaboration with Rain, introduced the Avalanche Card, enabling users to spend crypto at any merchant that accepts it. Similarly, Crypto.com expanded its Visa payment card program to Latin America last November, offering attractive benefits such as 8% cashback, service rebates, and airport lounge access. Additionally, Alchemy Pay integrated Samsung Pay with its Virtual Card service, enabling users to make fast and secure payments with crypto.
Overall, Cronos’s prepaid crypto card service represents a significant step towards mainstream adoption of cryptocurrency for everyday transactions. As the industry continues to evolve and innovate, we can expect to see more innovative solutions that bridge the gap between traditional finance and the world of digital assets.