Popular blockchain firm, Cronos, has launched a new service allowing users to withdraw funds directly to a prepaid card, streamlining the process of converting cryptocurrency to fiat.
Notably, the feature, developed in partnership with Crypto.com, is aimed at enhancing the accessibility of decentralized finance (DeFi) in everyday transactions.
By linking their Web3 non-custodial wallets on Cronos EVM or Cronos zkEVM to a Crypto.com prepaid card, users can transfer funds seamlessly. For context, the process involves topping up from Cronos EVM or Cronos zkEVM to the Crypto.com crypto wallet and then transferring to the prepaid card in a single transaction.
If a token is not directly supported, it is automatically converted into USD Coin (USDC) or Ethereum (ETH) for immediate use.
“With this new feature, Cronos users can off-ramp their crypto assets almost instantly and spend them wherever prepaid cards are accepted,” said Ken Timsit, Head of Cronos Labs in the announcement. “In eliminating the wait times and multiple steps usually required when cashing out, Cronos is bringing DeFi closer to everyday life.”
Cronos Prepaid Cards: Reducing Complexity in Crypto Off-Ramping
Traditionally, converting crypto to fiat involves multiple steps, such as transferring funds to a centralized exchange and waiting for bank transfers. Notedly, Cronos’ new integration with Crypto.com eliminates these barriers by enabling a direct off-ramp from crypto assets to prepaid cards, reducing complexity and transaction delays.
“This collaboration highlights Crypto.com’s commitment to driving the mass adoption of blockchain services by integrating innovative solutions that simplify user experiences,” said Eric Anziani, President and COO of Crypto.com.
Per the announcement, the new service is available on both Cronos EVM and Cronos zkEVM, the latter being a high-performance layer-2 network powered by zkSync technology. Ethereum users will also benefit from the feature through the Cronos zkEVM’s direct bridge to Ethereum, facilitating seamless fiat off-ramping.
Future Expansion and DeFi Integration
Following the feature’s launch in February 2025, Cronos plans to introduce an automated transfer system for decentralized finance yields. This enhancement aims to allow users to route their staking rewards and other earnings on Cronos directly to their Crypto.com prepaid cards.
Meanwhile, the update is expected to further integrate DeFi with traditional financial systems, making it easier for users to access and spend their digital assets.
