The coronavirus pandemic has had an adverse effect on businesses and economies around the world — but for some cryptocurrency platforms, growth appears to have continued unabated.
Crypto.com claims that transaction volumes through its ecosystem have more than doubled between December 2019 and February 2020 — taking into account the first two months of the year, when the coronavirus spread beyond the initial epicenter of China and into parts of Asia, the Middle East and Europe.
According to the team, downloads of its apps over this period also hit all-time highs. Back in September, Crypto.com had announced that it had reached 1 million users on its platform, as well as double-digit growth month-on-month.
One of Crypto.com’s core products is the MCO Visa Card — a free metal card that offers cashback, access to airport lounges, and rebates on Netflix and Spotify subscriptions as well as Expedia and Airbnb bookings. In mid-March, the company announced it was shipping these cards to the United Kingdom for the first time. This will mean the MCO Visa Card is one of only a few products available to consumers in Asia, the United States and Europe simultaneously.
New partnerships have also broadened the services on offer to members of the Crypto.com community. Recent collaborations with TokenTax, CoinTracker.io and CryptoTrader.Tax mean that users can receive extra support when filing tax returns.
Giving back
As Crypto.com enjoys continued user growth, the company says it has temporarily introduced new measures to support its community during the coronavirus pandemic. Credit card fees on crypto purchases are being waived for users — and on essential purchases (i.e., food, groceries and deliveries), increased cashback is being offered for its Visa cardholders.
“The global coronavirus pandemic has affected everyone’s lives and is now ravaging the economy. In these tough times, businesses that are in a fortunate position to be growing have a responsibility to give back,” the company’s CEO, Kris Marszalek, added.
Beginning on April 2, these measures will be in place for the next three months, with Crypto.com vowing to “continue looking for new ways to give back as we go through this global pandemic together.”
In addition, purchasing gift cards at a number of major brands across 25 countries are supported — including Tesco, Whole Foods, Safeway, Carrefour, Sainsbury’s, Just Eat, Papa John’s and Domino’s. Dozens of additional brands are set to be added in the not-too-distant future.
With many countries urging their citizens to stay at home, Crypto.com has expressed hope that these measures will encourage shoppers to get items delivered to their door rather than head outside.
A helping hand is also being offered for merchants, with Crypto.com Pay enabling businesses to generate and send invoices to customers who wish to make payments in cryptocurrencies such as Bitcoin, Ether, Ripple and Litecoin. Once a transaction is complete, these funds are instantly converted into a fiat currency of the merchant’s choice, and the exchange rate is fixed to reduce the risk of sudden price fluctuations.
Changing habits
As reported by Cointelegraph, a recent report by Chainalysis has revealed that the coronavirus pandemic is affecting Bitcoin consumer habits in surprising ways.
Research by the analytical firm showed that cryptocurrency holders were more likely to spend their Bitcoin if it was worth more. Although BTC prices cooled somewhat in March — a decline that’s possibly been linked to a bruising month for the stock market — the appetite for using merchants that accept crypto has remained strong.
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