Cronos Pioneers Direct Crypto-to-Prepaid Card Withdrawals in Partnership with Crypto.com
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Cronos, the blockchain ecosystem that straddles multiple chains, has introduced a new feature that for once warrants the epithet of game-changer. Starting from this month, Cronos users can withdraw cryptocurrency directly to a prepaid card, marking an industry first.
The service, developed in collaboration with Crypto.com, enables seamless transfers from Cronos-based web3 wallets to Crypto.com prepaid cards, bridging DeFi with everyday spending. Its a move thats sure to be well received by Cronos users, who now have the ability to do their thing onchain in the knowledge that they can cash out at a moments notice when theres IRL bills to pay.
Cronos Gains Direct Fiat Connection
The process with Cronos crypto-fiat service is straightforward: users link their non-custodial wallets on Cronos EVM or Cronos zkEVM to their Crypto.com wallet, then top up a prepaid card with a single click. For unsupported tokens, the system automatically converts them to USDC or ETH, ensuring near-instant usability at millions of merchants accepting prepaid cards.
As Ken Timsit, Head of Cronos Labs, puts it: In eliminating the wait times and multiple steps usually required when cashing out, Cronos is bringing DeFi closer to everyday life. As a result, users can hold their digital assets for longer in the knowledge that they can easily withdraw funds at any time.
Cronos ranks among the top 15 blockchain ecosystems by total value locked, securing over $6 billion in assets and having processed 100 million transactions to date. Built on the Cosmos SDK and interoperable with Ethereum and Cosmos, its gained an army of over 500 developers and taps into a 100-million-strong user base via Crypto.coms reach. This new withdrawal option leverages Cronos zkEVMs zkSync-powered efficiency and its direct Ethereum bridge, offering Ethereum users a smooth off-ramp to fiat spending.
Crypto.com Flexes Its Fiat Muscles
Its name might be crypto but Crypto.coms business increasingly involves fiat by connecting traditional currencies with digital assets so users can enter and exit the cryptosphere at will. The company now serves over 100 million customers with a suite of products, including its widely used prepaid card. The card, available in tiers with perks like 5% cashback at higher staking levels, has proven popular with crypto natives.
In securing a direct outlet from web wallet to fiat wallet, Cronos has moved DeFi a step closer to the real world, allowing users to jump between the two with ease. Converting crypto to fiat ordinarily involves centralized exchanges and bank delays, a process that is particularly off-putting for beginners who must jump through multiple hoops just to discover what DeFi is all about.
Not only will Cronos new feature encourage new users to check out its growing DeFi ecosystem, but itll likely drive more existing Crypto.com users to get involved. With millions of users already verified on the Crypto.com app, which serves as their neobank of choice, its just a short skip to landing on Cronos EVM or Cronos zkEVM, before reversing the process when theres funds to be converted back into fiat and cashed out.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
