- The Elrond mainnet will launch soon and the hype around the project is accelerating.
- Elrond achieved two fiat integrations with big platforms like crypto.com in one week.
Elrond has gained a boost as the countdown to its mainnet launch enters its final week. Crypto.com has added ERD to its platform, enabling Elrond’s native token to be bought, sold, and swapped for other assets. The integration is a coup for Elrond, which has been on a mission to extend its fiat connections, making ERD as easy to purchase as a cup of coffee or pair of sneakers. Thanks to Crypto.com’s listing, the token’s utility and availability have been bolstered, as it can now be used to load the MCO Visa card and then spent in-store.
Crypto.com’s user base is numbering more than 3 million. Shoppers have been attracted to its virtual and physical debit card service on account of the generous cashback it offers – up to 5%, awarded in crypto of course – and the range of digital assets it supports.
Elrond gains two fiat integrations in a week
Elrond CEO Beniamin Mincu described the listing on ERD on Crypto.com as “a great win,” noting that the platform is “the fiat gateway of choice for both new and veteran crypto users.” Mincu is right on that count: Crypto.com’s MCO card was first conceived in 2017, then under the name of Monaco, and the company has evolved in leaps and bounds since then. In addition to retaining the ‘OG’ crypto users who signed up for an MCO card on day one, Crypto.com has since attracted more casual users who value the service for its slick mobile app and seamless fiat-crypto swaps.
Two days prior to securing a Crypto.com listing, ERD did the same with Swipe, making the token purchasable through services like Google Pay and Apple Pay that integrate with the Binance-owned payment gateway. Swipe supports more than 30 cryptocurrencies and like Crypto.com enables them to be swapped for fiat and loaded onto a Visa card for spending in-store and withdrawing as cash from ATMs.
PayPal prepares to enter the game
While crypto-first companies like Crypto.com and Swipe have been making great strides in lowering the barriers to entering the cryptoconomy, there remains a payment giant poised to enter the fray. Everyone will be watching closely to see what PayPal does when its rumored cryptocurrency buy-sell service goes live. Will the electronic payment firm dislodge the incumbents thanks to its marketing muscle and enviable network of users? Or will it struggle to gain a foothold in an industry it’s shunned for so long?
It’s been reported that PayPal has partnered with Paxos to launch its crypto service. Paxos Crypto Brokerage already provides this for Revolut in the US, simplifying the process of selling and storing digital assets on behalf of customers. With over 300 million users, PayPal’s decision to sell cryptocurrency would be a game changer, not only for its customers, but for the crypto assets it decides to support. For now, blockchain developers can only wait and dream of the day their cryptocurrency gains a PayPal listing.