Crypto.com, formerly known as Monaco, has recently rebranded and announced that it will be releasing a new feature: a fiat wallet. While we’re eagerly waiting for the launch, we’re here to explain how the fiat wallet will work, and how to set up a fiat wallet on Crypto.com.
1. What is a fiat wallet?
A fiat wallet is a digital wallet that allows you to store and use your fiat currency (USD, EUR, JPY, etc.) with Crypto.com. The Crypto.com Wallet is a secure and convenient way to store your fiat currency and easily convert it to cryptocurrency and vice versa. You can also use your fiat wallet to send and receive payments, top up your mobile phone, and pay for goods and services online.
2. What is the difference between a fiat and a crypto wallet?
A crypto wallet is a place to store your cryptocurrencies. A fiat wallet is a place to store your fiat currencies. The two are different because cryptocurrencies are digital and fiat currencies are physical. Cryptocurrencies are stored and transferred using cryptography, hence the name. Fiat currencies are stored and transferred using traditional banking channels. That’s why you need a fiat wallet to store your physical currencies like dollars, euros, yen, etc.
3. How do I set up a fiat wallet?
The first step is to create an account on Crypto.com. Once you’re logged in, you’ll be taken to your Dashboard. From there, you can select “Fiat Wallet” on the left-hand side. This will take you to a new page where you can enter your personal information. After you’ve filled out the form, Crypto.com will send you an activation email. Once you’ve clicked the link in the email, your fiat wallet will be ready to use!
4. What are the fees to open a fiat wallet?
There are a few different fees associated with opening and using a fiat wallet on Crypto.com. The first is the one-time activation fee, which is currently set at $10. Then, there are fees for every transaction made with the wallet. These fees are typically lower than those charged by traditional banks, and Crypto.com promises to never charge more than 1% for any transaction.
5. How long does it take to receive a fiat wallet?
It should only take a few minutes to receive your fiat wallet. Once you’ve created an account and verified your email, you’ll be able to set up your fiat wallet. Just click on “Fiat Wallet” in the menu bar and follow the instructions. You can also watch our helpful video tutorial. After you’ve set up your wallet, you’ll need to add some funds. You can add funds by credit card, debit card, bank transfer, or cryptocurrency.
Crypto.com now offers a fiat wallet, and we’re here to walk you through how to set up your own. We’re not just another crypto company: we’re dedicated to making it easier for our customers – new and experienced – to use cryptocurrency in their daily lives. Setting up a fiat wallet is the first step toward fulfilling that goal, so let’s jump right into it!