A number of members in the cryptocurrency community, typically people who are paid in crypto assets, have tried a myriad of prepaid cards that can be credited with digital currencies like bitcoin. The following post is a review on the Crypto.com prepaid Visa card in order to give our readers some perspective on how the card operates.
During the last four years, I’ve grown accustomed to leveraging prepaid cards that can be loaded with cryptocurrencies like bitcoin and ethereum. In the early days, there were only a few cards for U.S. residents, but now there’s a number of cards available. Americans now have few different cards available and the products are issued by reputable companies like Bitpay and Coinbase.
Last week, news.Bitcoin.com reported on Bitpay offering its new Mastercard prepaid card that can be loaded with numerous crypto assets. Our newsdesk has also reviewed Bitpay’s flagship Visa card when it launched a few years ago.
This week our newsdesk got our hands on a metal ruby-colored Crypto.com card and tested it out so our users can get a gist of how it works. Unlike Bitpay’s card, in order to get a prepaid Ruby Steel Visa from Crypto.com, an individual has to purchase the token called MCO and lock those coins for a period of six months.
At the time, when I started testing the Crypto.com card, I decided to leverage the ruby prepaid card that only requires 50 MCO locked. If a user was to choose an obsidian black card, it requires 50,000 MCO, and the coin trades for $4.50 at today’s exchange rates.
For the ruby card, the coins are locked for six months and you can get them back or keep staking them in the future. The lock-up of MCO is actually clearly mentioned in the user agreement and it’s an interesting way to get a card, to say the least. In order to get the card and do this entire process, I had to download the Crypto.com app on the App Store for iOS. The app has a built-in exchange as well, and in order to get MCO, I simply deposited some bitcoin cash (BCH) and sold it to get the coins. Once I had the 50 MCO I could then proceed to the card tab and select the ruby product.
After selecting and agreeing to the terms, the application does involve a KYC process and identification needs to be submitted. All the base requirements include a photo ID, a social security number, and a residential address.
A third-party identity system does all of the validating within roughly five minutes and lets the person know they’ve been verified. If the verification process goes smoothly, the card ships in seven days and the app lets you know when it’s been issued. The app also shows you the MCO balance you have locked into the program and any other funds you store on the platform. Crypto.com’s app offers an exchange with over 55 coins…