If you’ve read my Bitpay review, then you know that I have a rather love hate relationship with them. On the one hand, they have provided a pretty easy way for me to cash out the Bitcoin I’m paid so that I can do fun stuff like pay my electric bill and eat. On the other hand, their service is sometimes infuriating, including random denials for no reason, a horrible wallet application and ridiculous errors. The debit card itself is also pretty lackluster, and mine is already coming apart at the seams.
When I first heard about MCO I thought, Oh, great. Another useless cryptocurrency debit card project. However, once I started researching everything that they had to offer, it became apparent that they were much, much more than that. Every single cryptocurrency debit card provider has been having a terrible time getting their products to market, and some have even fallen flat on their face. MCO is no different, and they are very behind with their product launch, but they have officially launched their cards in Singapore, and they have announced US support for their cards. While in the US they are using the same bank as Bitpay, I have high hopes that their service will be a lot better.
That’s because MCO, who recently rebranded by purchasing the uber pricey domain name, Crypto.com are launching a premium bank card brand for cryptocurrency enthusiasts. They’ve launched the world’s first metal crypto card, and it puts my sad little Bitpay card to shame. The cards come in multiple colors, and these are sent to users if they agree to lock up a certain number of MCO tokens for a period of six months. You might say, will people really do such a thing to get a fancy debit card? The answer is a resounding yes, and investors have locked up over 2.1 million MCO tokens (as of October). That’s somewhere around 100,000 Visa cards on reserve. One of those people is me.
If you’re not a high roller, then don’t worry. You can still get a card, in fact there is a plastic card that’s totally free and requires no lock up. However, you can snag yourself a snazzy metal card for a lock up of just 50 tokens, but if you’re a real baller, then there’s some high dollar versions available for 5,000 and 50,000 tokens. These cards come with some additional perks too.
Part of what makes the card so attractive to people is that it also features a variety of other perks that other crypto debit cards just don’t have. For starters, you can get cash back in cryptocurrency on your purchases! When you spend money using the MCO card, you’ll get a percentage of that returned to you in MCO tokens. That’s a pretty great score, and I can finally feel a little better about having to cash out Bitcoin to pay my stupid bills. The amount of cashback corresponds to the type of card you have, with 2% being the most, but even the lowest tier lock up card can still get 1% cash back.
You’ll also be privy to some other member based discounts and goodies such as free ATM withdrawals that scale the same way, and wallet cash back as well. Wallet cash back gives you cash back on cryptocurrency purchases you make through their mobile application. I’m not sure that anybody else is doing that, and it’s a pretty cool incentive to use it for trading. This amount is unfortunately, significantly less than debit card cash back, with the maximum being 1%. However, it works on everything from fiat purchases to crypto to crypto trades, so it can add up pretty quickly. They also offer you personal referrals which you can hand out to friends and family. Your friends will get a nice gift of up to $100 for their new account, and you’ll be able to take 10-25% of the transaction fees they generate using the application based on what card you have.
If you’re willing to commit to holding even more tokens in the system, then you’ll be upgraded to get a couple of other cool perks and firsts for the crypto debit world. Crypto.com is also offering free airport lounge memberships and an exclusive concierge service. If you want all of these features you’ll have to be prepared to lock up at least 5,000 tokens though. However, you can get airport lounge access for one with just 500 tokens in lock up. The two high tier cards offer this service for you and a guest.
The Crypto.com App puts other applications to shame
Crypto.com has created one of the nicest cryptocurrency mobile apps I’ve ever used. The interface is simple to use, the navigation works wonderfully, and the included cryptocurrency wallet is fantastic. As of now, they are still lacking on assets. At the time of writing you can store relatively few cryptocurrencies including MCO, BTC, ETH, XRP, BNB, LTC and USDM, an odd stable coin type token which seems to be exclusive to the Crypto.com application.
The team behind this project has created an application that’s so easy to use that your grandma could buy cryptocurrency. In a few clicks you can select a currency, enter your bank details and then have it safely transferred to your secure wallet without worrying about anything else. You can also sell your assets directly from the application or send money to other users with zero fees in the same way without having to move them around or find a suitable exchange. It’s applications like that one that will bridge the knowledge gap between enthusiasts and casual users. These kinds of applications will give them the confidence to invest in cryptocurrency, but the MCO team is not ready to stop there.
They’ve got even more tricks up their sleeve to entice these users to come to the platform. In addition to what they already have, they’re also working on “Crypto Invest”. These feature brings automated trading strategies to anyone who wants them. With just $20, their system will allow everyday users access to an AI which can switch their assets between volatile cryptocurrencies and stable coins based on what it predicts the market to do. Users can set their risk tolerance and the software will trade for them automatically, without the high management fees that investment firms cost.
The only fee involved at all is when a user makes profits, and using this system, they’ve given people yet another reason to continue to hold on to their MCO tokens. Users of the invest system will be charged 18% without any staked MCO tokens but only 9% while staking. While this feature is still in development, it will deliver a truly hands off cryptocurrency investing experience to the masses where no market knowledge is needed to begin investing.
Though to me, this is still not the best feature of MCO by far. My favorite part of this entire project is called “credit”. This awesome system will allow the users of Crypto.com to take loans against their cryptocurrency and get cash in fiat dollars. Need money for something but you horde your cryptocurrency like Gollum protecting his precious? No problem. Take out a loan against your assets and you can buy whatever you want without selling. Oh yeah, there’s also the fact a loan is not a sale. Therefore, it’s not a taxable event. This means that you could actually spend your cryptocurrency without taking a tax hit, allowing you to buy potentially big ticket items with it without being kicked into a new tax bracket. Or, I suppose you could just leverage your personal crypto equity to fund more investments as well.
Since this is essentially a loan to yourself, you can pay it back any time and there are no statement deadlines. That crafty MCO team managed to sneak yet another reason to hold MCO in here too. Loans based on collateral allow you to withdraw a percentage of your equity for personal usage. This loan will work similarly to a home equity loan, and you of course won’t ever be able to take 100% of your asset as a loan. However, MCO holders get a boost here, and if your holdings are in the applications base token, then you’ll be able to take an equity loan of 60% verses 40% for Bitcoin holdings.