Hassan Maishera
On Thursday, leading blockchain ecosystem Cronos announced that it has launched a new service that allows users to withdraw funds seamlessly to a personal prepaid card.
In a press release shared with Cryptowisser, Cronos revealed that this latest development was possible thanks to its partnership with Crypto.com. The feature is an industry first and a milestone in bridging decentralized and traditional finance.
By connecting their web3 non-custodial wallet on Cronos EVM or Cronos zkEVM to a Crypto.com prepaid card, users can top up from Cronos EVM or Cronos zkEVM to Crypto.com Crypto wallet, then to Crypto.com prepaid card in one click. 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.
While commenting on this feature, Ken Timsit, Head of Cronos Labs, stated that,
“With this new feature, Cronos users can off-ramp their crypto assets almost instantly and spend them wherever prepaid cards are accepted. 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.”
Eric Anziani, President and COO of Crypto.com added that,
“This collaboration highlights Crypto.com’s commitment to driving the mass adoption of blockchain services by integrating innovative solutions that simplify the user experiences. We have been a longstanding supporter of Cronos and to launch this feature together is a testament to our shared vision of bridging further mainstreaming crypto and enhancing its daily utility.”
This new feature eliminates the cumbersome processes involved in converting crypto to fiat by allowing users to seamlessly off-ramp their crypto to be used in the process of topping up a Crypto.com prepaid card. This approach reduces complexity and wait times.
Furthermore, the feature will be available on both the Cronos EVM and Cronos zkEVM, the high-performance L2 network powered by zkSync technology. Ethereum users are well-positioned to benefit from its introduction thanks to the Cronos zkEVM’s direct bridge to Ethereum, enabling seamless fiat off-ramping to the Crypto.com prepaid card.
Thanks to this latest development, Cronos will explore an automatic transfer system for DeFi yields. This update will allow users to directly route their staking rewards and other earnings on Cronos used in topping up their Crypto.com prepaid card, further integrating decentralized finance into daily financial activities.
Cronos is a leading blockchain ecosystem, adopted by more than 500 application developers and partners representing an addressable user base of more than 80 million people worldwide. Cronos' mission is to make it easy and safe for the next billion crypto users to adopt self-custody in Web3, with a focus on Decentralized Finance and Gaming.
The Cronos universe encompasses three chains: Cronos (EVM), the leading Ethereum-compatible blockchain built on Cosmos SDK; Cronos POS, a leading Cosmos chain for payments and NFTs; and Cronos zkEVM, a new high-performance layer-2 network.
Founded in 2016, Crypto.com is trusted by over 100 million customers worldwide and is an industry leader in regulatory compliance, security and privacy. Our vision is simple: Cryptocurrency in Every Wallet™. Crypto.com is committed to accelerating the adoption of cryptocurrency through innovation.
