Crypto Bank Cards With Cashback | Bobby Bao Interview (2020)
The sooner we can all spend cryptocurrency easily with bank cards, the sooner crypto will go mainstream!
From Monaco to Crypto.com, this company remains the same with a pretty epic plan to bring crypto to the masses through awards, payments and simple cash back for the use of their bank card. It’s a pretty compelling case and worth a listen!
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We treat ourselves as a cryptocurrency bank banking model, right? So if you want to use the Metal version of the MCO Visa card you have to stake MCO a certain level for six months. But for the plastic version, you don’t have to, you know, stake any MCO token it’s free.
We want to give the user the best experience. The TraderCobb crypto show talking business in blockchain. Ladies and gentlemen, welcome to the TraderCobb crypto show proudly sponsored by zipmex.com.au. Go and check them out.
I’ve got Bobby Bao here is the man himself. Yeah, the co founder and also business development for crypto.com which was formerly Monaco Monaca. Or how do I say it? Monaco.
Monaco much pleasure to have you on the show. Thank you so much fopr your time. Yes. Alright, so first things first you’ve been around in with with this particular project since 2016. Why the rebrand? It was such a cool name. Why crypto.com now what what changed?
Yeah, I think we we bought a domain 2018 we because we were few crypto.com is such a special name right? There are so many things you can do under crypto.com. That’s why, you know, we changed from Monaco to crypto.com.
Well there are two names, but I do understand a domain name, especially crypto.com brand takes you straight to the project. Ah speaking the project, I believe in the ICO stage was 26.7 million Euros. Correct. It is what that okay.
So during that period of time, obviously there was a lot going on in this space. I’ve seen your project. I’ve traded your project as I am a trader. And I also want to develop as far as what you’re doing because I know you all about mass adoption. Correct. And I mean, you’ve got the card coming out now.
Do you want tell us a little bit about the crypto.com card itself and how that’s actually going for you guys? Yeah, so crypto.com we co founded in 2016. Right now we headquartered in Hong Kong we have a little bit of more than 200 people right now. So it’s a it’s a it’s a big team.
So our portfolio products including the fiat crypto wallet, where you can buy bitcoin at true cost. We also as you said, we we offer user the Visa card where you can earn up to 5% cashback on every single transaction you made. Yeah. Right. We also give user the chance of collateral lending and they’re in the saving products.
We also give the user the chance of to spend a crypto on QR Code. So not talking about a visa we have different category of visa card by using the Proof-of-Staking model so depends on different tiers of the the MCO token you stake you will earn different benefits.
And the Black card obviously is the best one best. One of the most amazing card in the world. They offer user up to 5% cashback. Right? Free Netflix free Spotify. So there’s a lot of amazing features we keep adding on to the cards.
So make people feel special, especially the crypto users crypto trader for the special by holding this physical metal black card and enjoy the benefits when he or she’s traveling around the world I saw. Metal? So far that yes, metal card. So so far the feedback is is, is very positive.
I like the sound of the metal card. It rules supreme above everything else platinum white gold and and, and yellow gold. So well done on making card. That’s gonna feel fantastic. Now one of the things I want to also ask you about is how’s adoption been going?
I mean, there’s one thing I have a sexy, sleek card that’s black, right? There’s another thing to have a million users. How are you going with the uptake? I know you’ve got a large community. Have they been responsive and receptive to what you put out?
Yes, so just give you guys a quick update. We have a million registered users right now and we regarding the card adoption we are fully, you know, we can ship cards to the US we are approved by visa shipping cards to EU and the UK in Q1 next year.
We also expand the shipping costs to the rest of the Asia besides Singapore, so everything is going super weird. And I think more and more users will receive our cards the massive adoption of MCO visa card is happening right now. Excellent to hear that.
Here’s a question. Okay. If I if my mom, okay, if my mom is not in crypto, she doesn’t own MCO she needs to own some of that before she can use the card to spend. Was there an on ramp for her as well?
Can that be like, obviously a traditional Visa card goes through your bank account? I’m going to make the assumption that this one goes through a wallet. So do you have your functionality to both sides of that or?
Yes so we treat ourselves as a cryptocurrency bank banking model right? So if you want to use the metal version of the MCO Visa card you have to stake MCO a certain level for six months. But for the plastic version, you don’t have to, you know, stake any MCO token, it’s free.
We want to give the user the best experiences, test it first, and then later, maybe he feels awesome to upgrade it. And the feedback from the community. Usually, after a few weeks of testing our product, he will buy MCO and upgrade to the you know, highest tier, usually 5% five solid MCO holders.
So true adoption coming into the space bringing more people which is what we’re here to do. Do you know how much people are actually spending? Because we know in this space, often a lot of people just hang on to their tokens. Okay?
And they want to see them go up. They’re speculating in this asset class for the most part or for a lot of it anyway, shall we say? Of course the card brilliant idea but of actual adoption is actual use case it actually work. Yes. I can go and buy something with this card.
Where there is Visa route that I’m going to make the assumption of. Is that right? Yes. Yes. So are you seeing how many people are using it? Because there could be a lot of people that have it sitting in their wallet because it’s sexy, sleek, and it’s good to show your crypto buddies.
But are we seeing good volume coming from the card itself on the transaction side? Yeah besides the awesome design of the metal card two key thing I want to mention to you. Yeah sure. One is the you know, we offer user the best user experience in crypto for people to use to buy, spend, sell.
We also give people a strong incentive to use it right. When you when you’re traveling around the world. You can see crypto.com you know, always give the user the best user experience as well as the best incentive. Right?
For example, we give people up to 10% cashback on the the QR Code payment right we also give the Visa card holders up to 5% cashback. With those user experience plus the strong incentive motivate people to use cryptocurrency. There’s no problem at all right?
One of the good example I want to tell you guys I’ll share with you guys is, you know, when Alipay WechatPay or even Uber in the US, right when they push out their products, they always give people the strong incentive to use it, right? This is the mortar. This is the how we, as a Crypto.com company contribute to the society to the industry.
So it’s like, give them a little bit, give them a taste, bring it back, throw it away we go. Exactly. And also we give people cryptocurrency cashback. So it’s even more exciting than the traditional cashback. Well, that 5% I mean, basically a cashback the way that works just to make it really clear and simple for all the numpties like me out there.
If you’re going to use the QR code, you’re going to get 10% cashback which is a 10% discount. If you are gonna use the card, it’s 5% back which is a 5% discount, just for using your cryptocurrency on this card which is a bloody good start.
It’s the best card in the world. You know, I was a I was being overseas studies students in the US, UK, Australia right? There is no such awesome products, if Crypto.com Visa card, you know, was happening in 2010. Right, while I was studying overseas, that was the most important card for me in my pocket.
And the good thing is as well, I suppose is that as a token can a value of changes value, that 5 or 10% can be significantly more just because you’ve got some on it but on the card itself. Yeah, that’s, that’s, that’s one of the best thing of crypto is having fun and enjoy having a card.
That has it been? Is there a lot of volume going through? So is it is it? How many can you tell us how many cards? You’ve got in a year to a million users. Have the cards been distributed already? Or are they still on the process of being sent out?
I think we have a million registered user and we issue a significant portion of the cards to the US and Singapore right now. And we will quickly you know expanding the customer base of the card holders. I can tell you and I can guarantee you is it’s it’s growing significantly every day. Wow.
Even during, you know, when the market.. Slow period of time. So look, if I’m to order one today, how long is it going to be roughly until I received my card? Within one week. Oh wow, really? Yes. Fantastic.
And look, is there anything else that you want to speak up because I find the card so fascinating, for a number of reasons. One of it comes towards your mission statement, which is getting more people into the space. And this is a logical way to do it.
The way that you are doing it on the reward system, I think it’s a really good way of doing it. The free system as well to give people a little bit of taste of that truffle before they decide they want to eat the rest of it. I think that’s fantastic.
You’re are putting at a lot of giving, giving, giving, which helps a brand new society into our ecosystem and our ecosystem will therefore become part of society. Is there anything else that you’d like to speak to about what you guys are doing at the moment over at Crypto.com?
So we are a technology company focused on technology. And I personally or the whole management of the company view blockchain technology is is the next something special in the next you know two to five, five to 10 years we’re going to focus on right?
And payment is one of the significant sector in the under the blockchain technology that heavily increase the efficiency of the payment, and it’s a will increase the transparency of the payment onchain. And every everyone can can view it right? We are essentially giving, you know, the data, everything back to the customers.
So there is you know one of those things for the whole people in the world, especially in the financial sectors. I believe everyone in the industry, or everyone should refer their friends and you know family to get into blockchain industry and to view to try the MCO Visa card to view how we improve ourselves.
How we create value to our financial system, how we get rid of the dirty things in the traditional financial industry. Well. Join me! Yes, Join us! Join the movement join what’s going to be the future of technology payments. And well a lot of other things it’s been an absolute pleasure speaking to you, Bobby Bao.
Thank you very much. Now where do people find out more? And how do they sign up to get one of these goddamn cards? Just go to www.crypto.com. There is QR code you can scan it quickly download from the Apple Store or the Google Play Store. Very, very easy.
Excellent. It’s been an absolute pleasure mate and on YouTube on Twitter, where else are you? Everywhere. He is everywhere, Bobby BAO, B A O. Ladies and gentlemen, it’s been a pleasure speaking with you once again. Have a fantastic day! By for now.
The Trader Cobb crypto show talking business in blockchain.
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