Cronos (CRO) Launches Groundbreaking Prepaid Card Crypto Transfer Service

Cronos (CRO), in collaboration with Crypto.com, introduces a pioneering service allowing crypto transfers via prepaid cards, marking a significant milestone in bridging DeFi and traditional finance.

Cronos (CRO/USD) is heating up the integration of crypto with traditional finance. In the latest development, Cronos has teamed up with Crypto.com to launch a service allowing users to transfer funds via prepaid cards.

What Happened: Cronos announced that it has launched a service allowing users to withdraw funds from their personal prepaid cards. The service is powered by Crypto.com and marks the first time such a service has been launched.

Users can now link their non-custodial Web3 wallets on Cronos EVM (Cronos Ev Chain) or Cronos zkEVM (Cronos Zk Chain) to a Crypto.com prepaid card.

After scanning the QR code on the Crypto.com app, users can select the desired token for topping up the prepaid card with a single click. If the selected token is not supported for direct use at the merchant, the Cronos Station or crypto.com app automatically converts the token to USDC or ETH for nearly instant use at any place where prepaid cards are accepted.

“We are excited to collaborate with Cronos to offer an innovative service that seamlessly combines the benefits of cryptocurrency and traditional finance," said Eric Anziani, COO of Crypto.com. "This integration will simplify the user experience and ultimately accelerate the adoption of cryptocurrencies in today's society."

Why It's Important: This service is powered by zkSync technology, which is available on Cronos EVM and Cronos zkEVM. Cronos zkEVM is a Layer 2 network that offers high throughput and low latency, enabling seamless interoperability with Ethereum.

This allows Ethereum users to smoothly withdraw fiat currency to a Crypto.com prepaid card. In the next stage, Cronos plans to introduce a system for automatically transferring DeFi yields to Crypto.com prepaid cards.

This initiative is part of Cronos's broader goal to support over 1 billion crypto users in managing their assets in a decentralized manner.

Afterwards, Cronos is aiming to introduce a system that enables the automatic transfer of DeFi yields to Crypto.com prepaid cards, further merging decentralized finance with everyday financial practices. This initiative is part of Cronos's broader goal to support over 1 billion crypto users in securely managing their assets and participating in the Web3 environment.

Cronos, boasting a network of over 500 application developers and partners, supports over 80 million users worldwide. It maintains three blockchain networks: Cronos EVM, Cronos POS (Proof-of-Stake), and Cronos zkEVM, with a strong focus on the DeFi and gaming sectors. Since its launch in 2021, Cronos has reportedly processed more than 100 million transactions.

Cronos Chain is the native token of the Cronos ecosystem. It is a Layer 1 blockchain that is compatible with the Ethereum Virtual Machine (EVM). Cronos Chain is used to pay for gas fees on the Cronos network and to secure the network through staking. The token is also used for governance voting on proposals to upgrade the Cronos protocol.

Cronos(CRO) Price Action: Cronos (CRO) trades at $0.2189, down 0.18%, in Monday's morning session.