Cronos Rolls Out Prepaid Card Withdrawals – DeFi Staking Rewards Next?

• Cronos has introduced a new feature that enables seamless prepaid card fund withdrawals through a partnership with Crypto.com.
• The new feature enables Ethereum users to convert crypto to fiat seamlessly and top up Crypto.com prepaid cards via Cronos’ Layer-2 networks.

Cronos, a Layer-1 blockchain designed for decentralized finance (DeFi), NFTs, and Web3 applications, has partnered with Crypto.com, a California-based cryptocurrency exchange, to introduce a groundbreaking service that allows users to withdraw crypto funds directly to a Crypto.com prepaid card.

For context, Cronos is Ethereum Virtual Machine (EVM) compatible, which means it enables developers to port Ethereum-based dApps onto the network with minimal modifications. 

Meanwhile, Cronos zkEVM is a Layer-2 (L2) scaling solution powered by zkSync technology, designed to enhance transaction efficiency, lower gas fees, and maintain Ethereum’s security guarantees. By integrating both Cronos EVM and Cronos zkEVM, the network ensures improved scalability and a more efficient blockchain experience, making it an ideal platform for developers and users seeking a cost-effective DeFi ecosystem.

One of Cronos zkEVM’s key advantages is its interoperability with Ethereum, enabling users to transfer assets between the two networks. This integration is further enhanced by the ability to connect Web3 non-custodial wallets on Cronos EVM or Cronos zkEVM directly to a Crypto.com prepaid card, streamlining the process of converting crypto into spendable fiat and significantly improving the overall user experience.

One-Click Crypto Off-Ramping

Traditionally, converting cryptocurrency into fiat involves multiple steps, including transferring assets from a decentralized wallet to a centralized exchange, selling them for fiat, and then withdrawing funds to a bank account, a process that often incurs high fees and delays.  According to the press release, Cronos’s new system eliminates these complexities, condensing the entire process into a single click and enabling users to move funds directly to a Crypto.com prepaid card without intermediaries.

Ken Timsit, Head of Cronos Labs, emphasized the significance of this feature:

With this new feature, Cronos users can off-ramp their crypto assets almost instantly and spend them wherever prepaid cards are accepted. By removing wait times and simplifying cash-out processes, Cronos is making DeFi more accessible and usable in daily transactions.

Eric Anziani, President and COO of Crypto.com, highlighted the broader impact of this development, stating that this collaboration showcases Crypto.com’s dedication to accelerating blockchain adoption through innovative solutions that enhance user experience. He added that the partnership with Cronos is a testament to their shared vision of integrating crypto into everyday financial activities.

Looking ahead, Cronos plans to expand this functionality further. The team will explore an automated transfer system for DeFi yields, enabling users to directly route their staking rewards and other earnings to top up their Crypto.com prepaid cards. This would further integrate decentralized finance into everyday spending, making crypto even more practical for daily use. As of now, Cronos (CRO) is trading at $0.75, following a 13.32% decline over the past week.