Cronos, a leading blockchain ecosystem, has unveiled new prepaid card fund withdrawal features, according to the most up-to-date reports shared with Finbold on Thursday, February 27.
Developed in partnership with Crypto.com, the new withdrawal feature is an important milestone not just for Cronos but the broader crypto industry, helping bridge traditional (TradFi) and decentralized finance (DeFi).
Looking ahead, Cronos has also hinted at an automatic transfer system for DeFi yields, which would allow users to route their Cronos staking rewards and other earnings while topping up their Crypto.com prepaid card.
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New Cronos prepaid card withdrawal features
By connecting their Web3 non-custodial wallets on the Cronos Ethereum Virtual Machine (EVM) or Cronos Zero-Knowledge Ethereum Virtual Machine (zkEVM) to a Crypto.com prepaid card, users can top up from Cronos EVM or Cronos zkEVM to Crypto.com crypto wallet and then back to Crypto.com prepaid card with just one click.
Tokens not directly supported are automatically swapped into USD Coin (USDC) or Ethereum (ETH).
Ken Timsit, Head of Cronos Labs, noted the convenience associated with seamless crypto cash-outs, stating:
In eliminating the wait times and multiple steps usually required when cashing out, Cronos is bringing DeFi closer to everyday life. As a result, users can hold their digital assets for longer in the knowledge that they can easily withdraw funds at any time.
Simplified crypto off-ramping
Converting crypto to fiat is typically a multi-step process that entails transferring funds to a centralized exchange (CEX) and waiting for bank clearances.
To tackle such issues, Cronos now allows users to off-ramp their crypto while topping up a Crypto.com prepaid card.
The feature will be available on both the Cronos EVM and Cronos zkEVM, both high-performance Layer-2 (L2) networks powered by zkSync technology.
Ethereum users especially are well-positioned to benefit from it given Cronos zkEVM’s direct bridge to Ethereum, which enables seamless fiat off-ramping to the Crypto.com prepaid card.
