Crypto.com to Begin Singapore Debit Card Rollout as Execs Eye Loan Market
Cryptocurrency debit card startup Crypto.com, formerly known as Monaco, announced it has chosen Singapore as the first market for an initial rollout of its product.
The company — which gained a fair amount of notoriety over its two-year development phase after significantly changing its business structure — raised $25 million in an ICO in June last year.
The deal with Singapore received official support from payment provider Visa in November, months before the company, formerly named Monaco, reorganized how its in-house token would operate.
After buying the highly sought-after Crypto.com domain name two months ago for an undisclosed amount, executives further announced the project’s future would pivot to incorporate services beyond its cards.
Crypto.com will focus on loans in the coming future, specifically fiat loans using cryptocurrency as collateral.
Additional revenue streams for Crypto.com will come from a cryptocurrency buying and selling option which is still in the development phase.
Source & Full Article: Bitcoinist
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