The coronavirus pandemic has had a negative impact on markets and companies around the world — except for many cryptocurrency platforms, expansion appears to have continued unabated.
Crypto.com asserts that trade volumes through its ecosystem have more than doubled between December 2019 and February 2020 — taking into account the first two weeks 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 group, downloads of its programs over this period also hit all-time highs. Back in September, Crypto.com had announced it had reached 1 million users on its stage, along with double-digit growth month-on-month.
One of Crypto.com’s core products is the MCO Visa Card — a free metallic card that offers cashback, access to airport lounges, and rebates on Netflix and Spotify subscriptions along with Expedia and Airbnb reservations. In mid-March, the firm announced it was sending these cards to the United Kingdom for the first time. This may imply the MCO Visa Card is one of only a couple of products available to clients in Asia, the United States and Europe simultaneously.
New ventures have also broadened the services available to members of the Crypto.com community. Recent collaborations with TokenTax, CoinTracker.io and CryptoTrader.Tax suggest that users can get extra support when filing tax returns.
As Crypto.com enjoys continued user growth, the firm says it has temporarily introduced new measures to promote its community via the coronavirus pandemic. Credit card deals on crypto purchases are being waived for customers — and on essential purchases (i.e., food, groceries and deliveries), greater cashback has been provided for its Visa cardholders.
“The global coronavirus pandemic has affected everyone’s lives and is presently ravaging the economy. In such hard times, companies that are in a fortunate position to be growing have a responsibility to return,” the company’s CEO, Kris Marszalek, added.
Beginning on April 2, these measures will be put up for the subsequent 3 weeks, together with Crypto.com vowing to”continue trying to find new methods to reunite as we proceed through this global pandemic together.”
Additionally, purchasing gift cards in many significant brands around 25 countries are encouraged — such as Tesco, Whole Foods, Safeway, Carrefour, Sainsbury’s, Just Eat, Papa John’s and Domino’s. Dozens of additional manufacturers are set to be added in the not-too-distant future.
With many countries urging their citizens to stay at home, Crypto.com has voiced hope that these measures will encourage shoppers to have things delivered to their door rather than head outside.
A helping hand is also being offered for retailers, with Crypto.com Pay permitting companies to create and send invoices to customers who want to make payments in cryptocurrencies such as Bitcoin, Ether, Ripple and Litecoin. After a transaction is finished, these funds are instantly converted into a fiat currency of the merchant’s choice, and the exchange rate is adjusted to reduce the risk of sudden price changes.
As reported by Cointelegraph, a recent report by Chainalysis has proven that the coronavirus pandemic is affecting Bitcoin consumer habits in surprising ways.
Research by the analytical firm revealed that cryptocurrency holders were more likely to perpetrate their Bitcoin if it was worth more. Although BTC prices cooled somewhat in March — a decline which has possibly been connected to a bruising month for the stock market — the appetite for using retailers that take crypto has remained strong.
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