Categories: Crypto

Wirecard Debacle Forces Crypto.com to Find a new Card Provider

Various companies within the cryptocurrency space have been affected by the Wirecard debacle. It puts a very different spin on the concept of crypto debit cards, as this industry takes another big hit. 

Most people will have heard of what happened to Wirecard.

A Tough Spot for Crypto.com

The German firm’s account practices have created a lot of problems.

As one would expect, this also affects third parties making use of what this company has to offer.

One of the companies affected is Crypto.com, formerly known as MonaCo.

Following a very successful ICO in 2017 the project has continued to grow and evolve.

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Despite issuing a crypto debit card in a lot of regions, that will now come to a halt.

Moreover, the company has to  ensure user funds are safe and reimbursed accordingly. 

This particular process is being taken care of and should be completed within the next few business days. 

Moreover, Crypto.com will need to find a long-term solution for its crypto debit card project.

For now, the card program will be transferred to a new company, albeit no details have been specified yet..

For Crypto.com users, there shouldn’t be any long-term issues, but the coming days may be a bit uneasy.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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