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Over the next two months the company will ship more thancards to customers globally, starting with Singapore. In rolling out the Visa debit card, the company is offering a new instrument for an untapped market.
The company, called Monaco before a name change in July, also plans to apply for moneylending licences in Singapore and Hong Kong. Marszalek says the company wants to gradually transform from a cryptocurrency debit card platform into a cryptocurrency-backed money lender.
Marszalek said he expected the debit cards, together with Crypto. Revolving credit allows customers to borrow up to a credit limit and does not have a fixed schedule for repayment like an instalment loan.
The bank has already obtained a stored-value facility licence from the Monetary Authority of Singapore. He said Crypto.
The company will perform Know Your Customer procedures online for debit card applicants, but it will not check the credit history of applicants before approving a loan. Marszalek said Crypto.
The value of bitcoin has, however, dropped by 85 per cent over the past year, from its peak in December to the trough seen in September, so Crypto. Because unlike banks, licensed money lenders in Hong Kong, for instance, are not overseen by the banking regulator.
The Crypto. The company supports five cryptocurrencies — bitcoin, litecoin, ethereum, MCO and Binance Bitcoin debit card — and these can be converted into seven fiat currencies, including the Singapore dollar, the US dollar and the Hong Kong dollar.
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