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Cryptocurrency wallet provider Crypto.com will now provide International Banking Account Number (IBAN) support for all users on its platform. Bank transfers in Euro for buying cryptocurrencies will currently be supported, opening up the vast European Union market for crypto-investing and trading.
Collect Salaries in Crypto.com App
As announced via an official post, Crypto.com said the development supports the company’s vision of bringing “next-generation solutions” to the cryptocurrency market. Previously, the company only supported USD transfers. Now, users accounts in the Single Euro Payments Area (SEPA), consisting of 28 European states, four Free Trade states, and the principalities of Andorra and Monaco, will be supporting IBAN wire transfers.
The IBAN support would allow Crypto.com account holders to interact with personal banking accounts, make payments executed by traditional banks, pay salaries, and collect fees directly into Crypto.com-branded IBAN account.
Before its rebranding as Crypto.com, Monaco (as it was known earlier) offered fiat top-ups for user accounts via credit and debit cards. However, the high charges that card issuers levy per transaction served as a key to introducing free bank wires to customers.
The company will soon release its MCO Visa Cards, available in six different colors which correspond to various ATM withdrawals, transaction fees, and cash back. For example, the “Obsidian Black” card offers unlimited interbank exchange rates, 25 percent cash back on referrals, and airport lounge access at selected locations. Currently, MCO cards are not available in the market but are expected to ship before the end of 2018, as per their roadmap.
IBAN Feature to Extend
Crypto.com supports six cryptocurrencies and seven fiat currencies, of which all can be individually traded, sent, transferred, and added via the mobile application. With the IBAN support, customers can seamlessly transfer bank funds to cryptocurrencies and vice-versa, bridging an essential gap between the two commodities.
Meanwhile, Crypto.com noted its team would extend the IBAN feature to non-SEPA accounts, meaning non-EU citizens will have the ability to wire money to the former.
IBAN is an internationally-recognized protocol of identifying bank accounts across national borders to facilitate cross-border transactions initially adopted by the European Committee for Banking Standards (ECBS). As of today, 69 countries use the IBAN in the European region. However, the service is not used in Asia, US, Oceania, and South America.