- Users may top up from Cronos EVM or Cronos zkEVM to Crypto.com Crypto wallet and then to Crypto.com prepaid card with a single click.
- This update will enable users to route their staking rewards and other earnings on Cronos directly to the Cronos used to top up their Crypto.com prepaid card.
Cronos, a leading blockchain ecosystem, has introduced a new service that lets users easily withdraw funds to a personal prepaid card. The innovation, which was made possible by a collaboration with Crypto.com, is a first for the sector and a significant step toward integrating conventional and decentralized finance.
Users may top up from Cronos EVM or Cronos zkEVM to Crypto.com Crypto wallet and then to Crypto.com prepaid card with a single click by linking their web3 non-custodial wallet to a Crypto.com prepaid card. The platform offers almost quick access to spend cryptocurrency assets in the real world by automatically swapping tokens that are not directly supported into USDC or ETH.
Ken Timsit, Head of Cronos Labs stated:
“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 stated:
“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.”
The process of converting cryptocurrency to fiat may be laborious and involve many stages, such as sending money to a centralized exchange and waiting for bank transactions to clear. By enabling customers to easily off-ramp their cryptocurrency to be utilized while filling up a Crypto.com prepaid card, Cronos’ new feature removes these inconveniences. Wait times and complexity are decreased using this method.
Both the Cronos EVM and Cronos zkEVM, the zkSync-powered high-performance L2 network, will support the feature. The Cronos zkEVM’s direct bridge to Ethereum allows for smooth fiat off-ramping to the Crypto.com prepaid card, putting Ethereum users in a good position to profit from its launch.
Cronos will explore an automated transfer system for DeFi yields once the feature launches in February 2025. In order to further integrate decentralized finance into everyday financial activities, this update will enable users to route their staking rewards and other earnings on Cronos directly to the Cronos used to top up their Crypto.com prepaid card.
More than 500 application developers and partners have embraced Cronos (cronos.org), a prominent blockchain ecosystem that serves an addressable user base of over 80 million people globally. With an emphasis on Decentralized Finance and Gaming, Cronos aims to make self-custody in Web3 simple and secure for the next billion cryptocurrency users.
Three chains make up the Cronos universe: Cronos POS, a prominent Cosmos chain for payments and NFTs; Cronos zkEVM, a new high-performance layer 2 network; and Cronos (EVM), the top Ethereum-compatible blockchain built on Cosmos SDK.
Cronos is one of the top 15 blockchain ecosystems, protecting user assets worth over $6 billion. More than 100 million transactions have been safely settled since its launch in 2021.
