A Hongkong based startup Crypto.com previously known as Monaco is rolling out Asia’s first cryptocurrency VISA debit card in Singapore. The firm has also applied for money lending licenses in Hong Kong and Singapore to include crypto backed money lending services. Company co-founder and CEO, Kris Marszalek, said – he expected the debit cards, together with Crypto.com’s planned lending service, to ultimately disrupt the credit card industry. He said the way in which banks have been issuing an unsecured revolving credit to consumers who can hardly afford their interest rates bordered on “unethical business.”

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