Hong Kong-based blockchain startup Crypto.com is behind Asia’s first crypto Visa debit card which it plans to issue to 100,000 customers globally, starting with Singapore.

“To holders of cryptocurrencies, having the peace of mind that you can readily convert back into fiat currencies and cash out is very important,” says Crypto.com CEO and Co-Founder Kris Marszalek.

“Not all exchanges support crypto-to-fiat transactions, and even if you hold your digital assets at the exchanges’ wallet, the withdrawal process is also complicated,” he adds. “We believe our product addresses a real need and enhances trust in digital assets.”

Plans for a moneylending licence

Formerly called Monaco, Crypto.com also has plans to apply for moneylending licences in Singapore and Hong Kong, the CEO says and adds that his company intends to gradually transition from a crypto debit card platform to a cryptocurrency-backed money lender.

Crypto.com has partnered with Germany-based Wirecard Bank to issue the Visa debit cards. The banking institution has obtained a licence from the Monetary Authority of Singapore for a stored-value facility.

Credit card industry disruption

Marszalek believes his firm will disrupt the credit card industry. The entrepreneur has criticised traditional banks for what he says is “unethical business” in the issuance of unsecured revolving credit to consumers who can barely afford the interest rates.