MCO Visa Card (Bridging Crypto and Fiat)

Earlier this week, I FINALLY received my MCO Metal Visa card from Crypto.com roughly half a year after applying for the card. I have to say that it was a pretty horrific user experience that I had to wait THAT long... but now that the card is here, I'm excited to try it out.

Now, many companies are attempting to bridge the divide between fiat and cryptocurrencies. Cryptocurrencies are great, but if there are no retail outlets that accept the digital currencies, you essentially are missing a large part of the economic system that gives currencies value. So, Crypto.com was one of the first movers in this space with their partnership with Wirecard (which has since gone insolvent, but has since had their financial restrictions removed). Note that, the VISA card is issued by Wirecard, but Crypto.com had reimbursed card balances when the Wirecard cards were restricted.

The MCO VISA card welcome message... a must have for pretty much every tech product with a "personalised" message from the CEO/Founder. I really wish they didn't feel the need to do this, as it feels really wanky... but you probably need to make a job for a marketing person somewhere.

Now, the really cool stuff! This is one of the most interesting ways to package a product that I've seen in quite sometime! You just pull on the light blue tab...

... and voila! A neatly packaged tray slides out with the Crypto.com VISA card embedded inside! It is pretty neat... even if it is a touch unnecessary. Truth be told, I was more impressed by this than the CEO letter!

Now, the card itself is a bit of a beautiful thing in it's own right. It is a metal backed card, which gives it a good deal more heft and weight than a normal plastic card. It really feels nice in the hand! Chip/NFC is all present... as is the old school numbers/CVV code. The pin number is accessible via your Crypto.com phone app and is changeable via normal means at any ATM.

The lovely Ruby colour is an indication of the card tier (2nd from bottom, the first with benefits) in the MCO ecosystem. The more MCO you stake, the more benefits you get (including cash-backs and various perks like Netflix/Spotify). The Ruby tier gives me access to Spotify (if you use this card to pay for Spotify, they reimburse you the subscription fee) and 2% cashback on all purchases.... for that I had to stake 50 MCO.

Now, due to the fact that the VISA card is subject to the usual financial KYC (Know Your Customer) regulations, you WILL need to complete normal KYC procedures. Identity and address verification are required to apply for the card. There is no way around that!

Now, keep in mind that the VISA card is a DEBIT card and NOT a credit card. This means that you need to top it up with funds, either fiat or crypto. I have been topping it up with fiat EUR as I use the Crypto.com platform for CRO Syndicate sales and so I don't have crypto on that platform for spending. However, if you wish, you can definitely top it up with most major forms of cryptocurrencies.

Setting up a EUR fiat wallet is as easy as tapping a button, which gives you a bank account to which you can send a SEPA transfer directly from your own bank account. From there, it says that it can take up to 5 days for the transfer to be credited to your VISA debit card, but in practice (I have done this a few times already), it takes less than a day.

Spending is likewise simple... any place that accepts VISA will be able to use this card for purchases. The security is pretty nifty as well, with the Crypto.com phone app sending you a verification code (times based, 10 minutes) via SMS and a notification (if you have already approved the retailer) when you make a purchase. I've made a few online purchases already with no problems... I just wish that VISA machines were a bit more common in The Netherlands in physical shops!

The cash rebates (paid in MCO, which you can send direct to the Crypto.com exchange for Bitcoin/Ether/fiat/CRO.... ) are almost instantaneous. You make the purchase and the MCO is in your account within the next minute.

So far, I've only had good experiences with this Crypto.com VISA debit card. I like that it is a debit card and not a credit card, which allows me to keep a better track of my spending. There have been no issues with the VISA network, and topping up the card has been quick and easy. I am a little bit wary of the Wirecard situation, but I think that Crypto.com has done a good job so far of remaining honourable and transparent to their customers.

So, a promising bridge between cryptocurrencies and the fiat retail world... even if I don't use it directly for crypto!

Coin Tracking

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