In a move that marks an industry first and milestone feature for integration between traditional and decentralised finance, Cronos, in partnership with Crypto.com, has announced that it is now the first blockchain to offer direct crypto-to-debit card transfers.
How this works:
Funds can be withdrawn seamlessly to a personal prepaid card, the announcement explained.
Users must connect their web3 non-custodial wallet on Cronos EVM or Cronos zkEVM to a Crypto.com prepaid card to access this feature.
Then, in one click, users can top up from Cronos EVM or Cronos zkEVM to Crypto.com Crypto wallet, then to Crypto.com prepaid card.
If a token is not directly supported, the platform automatically swaps it into USDC or ETH, providing near-instant access to spend crypto assets in the real world
Crypto.Com X Cronos: What They Said
“With this new feature, Cronos users can off-ramp their crypto assets almost instantly and spend them wherever prepaid cards are accepted,” said Ken Timsit, Head of Cronos Labs.
By eliminating wait times and several steps required to cash out, users will be incentivised to hold digital assets for longer, knowing that they can withdraw funds conveniently at any time, he added.
The initiative is a symbol of Crypto.com’s commitment to driving the mass adoption of blockchain services by integrating innovative solutions that simplify the user experiences, Eric Anziani, President and COO of Crypto.com explained.
Highlighting the importance of the collaboration, he added that Crypto.com has “been a longstanding supporter of Cronos” and the feature is a testament to the shared vision of enhancing crypto’s daily utility.
Why this Matters:
As highlighted above, the feature can be a gamechanger by preventing users from having to go through the cumbersome process of transferring funds to a centralized exchange and waiting for bank transfers to clear. The reduced complexity and wait times makes crypto accessible, convenient and enhances adoption.
Cronos is also exploring an automatic transfer system for DeFi yields in the future.
