As the price of Bitcoin continues to surge, major retailers have taken notice and have started to invest in the ever-changing digital market.
Smashing expectations left and right, Bitcoin has soared to the heights of $40,000 and above. Needless to say this has businesses and investors looking to capitalize on these gains and secure gains for the future.
The recent increase in price has motivated an entire sector or investors looking to bolster the value of Bitcoin and promote faith in it’s adoption in the future. Some companies have been slow to adopt our new digital reality, and others such as Crypto.com have been laying the path for expansion and practical use.
Crypto.com’s MCO Visa is one example of that effort. Offering different tiers and levels of cards, Crypto.com allows its users to earn digital tokens that can be exchanged for a vast multitude of different cryptocurrency options. There is a free option where users receive a debit card, and can “top-up” the card from their bank account, credit card, or crypto wallet. Users will then spend their VISA card wherever accepted and earn 1% cashback in the form of CRO or Crypto.com’s currency token. This is unique in allowing users to earn crypto while spending where they otherwise normally would.
There are more advanced tiers of this card which require an initial “stake” or investment to obtain that level, upgrade to a full metal card, and increased rewards such as a Netflix or Spotify reimbursement. The advanced levels offer more cash back, earning interest on the initial stake and perks such as Airline Lounge access in Airports.
This is a really interesting way to invite people into the crypto-space, by allowing it’s users to reap rewards and to earn cryptocurrency with an ever increasing value thus acting like an investment vessel.
They are not the only company with a cashback card that pays in crypto. There are a few others with Uphold, Binance, and Coinbase offering card systems of their own. However Crypto.com has made giant strides by partnering with Booking.com
In addition to the normal rewards that Crypto.com offers, Booking.com is offering its own discount rate which is extremely attractive to those users who take advantage of the travel perks.
While this article does not detail exactly the benefits and cost-analysis of these programs, It is beneficial to know that this marks a turn in the crypto market in general. This agreement is largely driven by confidence in the market. More investors and businesses are seeing that Bitcoin and the digital currency space is maturing and more opportunities become available. More and more institutional investors are adding capital into bitcoin, which creates a feedback loop where retail investors also follow suit and build upon that positive sentiment.
I think that this is a great deal for Crypto.com as well as its user base. This is also a great deal for Bitcoin and the cryptocurrency market. More retailers will seize the opportunity to capitalize on this growing market and claim their share in a seemingly endless world of growth that is yet to come. Partnerships such as these restore my faith and bolster my long investment strategy in Bitcoin for coming years.