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Monaco (MCO) –As crypto enthusiast are looking forward to a tokenized world where real world assets are moved to the blockchain, Monaco technology has created a platform to help move this pipe dream closer.
Less than 1% of the world population holds cryptocurrency because of the two major challenges of accessibility and usability confronting the crypto ecosystem. Monaco Technology intent is to tackle these challenges head-on with their varied products.
The difficulty of incorporating cryptocurrency into the mainstream economic structure has been aided by the fact that there aren’t many physical outlets that currently accept cryptocurrencies.
It has been quite tough for users who are holding unto these coins and may want to spend them on regular everyday purchases. This shows that the cryptocurrency market needs better liquidity services.
Monaco (MCO) To The Rescue
Monaco (MCO) technology is quite an ambitious project as it seeks to create a very healthy middle ground between the word of cryptocurrencies and fiat payment. Monaco is a cryptocurrency platform that allows users to purchase, exchange, and transfer and even spend cryptocurrencies from their smartphone.
Monaco Technology, a company established in 2016 and headquartered in Switzerland launched its mobile app in open beta in May 2018 after raising a whooping sum of $26.7 million in its initial coin offering (ICO) in mid-2017.
According to the company, the platform is designed for customers who are seeking a streamlined, secured approach to purchasing, trading and sending cryptocurrency.
Monaco Technology is attempting to the bridge the gap between crypto and the traditional payment infrastructure through the Monaco Card and Monaco Wallet app.
Monaco Card And Monaco Wallet App
The Monaco (MCO) Visa Card is a debit card that allows customers to load up funds by selling their crypto holdings on the Monaco app.
The digital wallet is designed to work with a visa card that once it is available will allow users to manage their spending in seven sovereign currencies and make purchases overseas.
Via the online platform, users will be able to track their exchange and ATM usages. They can receive real time transaction information and even freeze the card with a single tap if need be.
Users will have access to a multi-currency wallet that will allow deposits and withdrawals for Bitcoin (BTC), Litecoin(LTC), Ethereum (ETH), Binance Coin(BNB) and the company’s own token MCO. In addition to these, the wallet will also support transfers for the following fiat currencies: USD, Singapore dollars (SGD), Hong Kong dollars (HKD)
The Monaco App features fiat and cryptocurrency wallets. It has the ability to manage the Monaco Visa card. It also has a live coin tracking dashboard and Monaco University.
Monaco (MCO) University
This is a beginner’s guide to cryptocurrency. Monaco University has been created by the company to educate people about cryptocurrency and blockchain technology using short informational videos and written guides.
Besides the Visa card, other products by Monaco Technology that will be integrated directly into the Monaco wallet app include Monaco Automated Crypto Investing and Monaco Crypto Credit.
Monaco (MCO) Automated Crypto Investing
This is a cryptocurrency investment robo-advisory service. Monaco Automated Crypto Investing will allow users to invest without difficulty in crypto currency and build a portfolio easily. The offerings comes with several features including automated buying and selling.
Users will be permitted to withdraw their funds at all times without any transaction fee. Monaco plans charging a fee only when users make profit.
Monaco (MCO) Crypto Credit
This is a crypto credit offering service. Monaco Crypto Credit will offer a credit of 60% and 40% worth of the value of a user’s holdings in MCO and bitcoins respectively. Holdings in MCO and Bitcoins will serve as collateral.
The Monaco Auto Invest and Monaco Credit are definitely the perfect extension of the Monaco Card and Monaco Wallet App. This is because together they form a complete suite of revolutionary financial products.
Thereby positioning Monaco as the first financial global institution built on blockchains and making it a destination platform for anyone interested in anything cryptocurrency.
Monaco (MCO) History And Team
Monaco was established in June 2016 in Switzerland. Their first prototype was developed in October 2016. They were accepted into a Hong Kong government backed cyberport incubation program in February 2017.
This was where they developed their platform until they were ready to launch the sale of their token in 2017.
In August 2017, the Monaco app became available to preregistered users. This was followed by their official partnership with Visa in October 2017.
Most recently they have been listed on various exchanges including bithumb in South Korea.
The team is peppered by seasoned veterans in the fin tech space, most of whom have experience in Asia where Monaco cards had first been made available.
Kriz Marszalek, the Co-founder and CEO of Monaco Technology, has been an entrepreneur of repute in South Asia for many years, taking numerous companies from zero to $100 million.
Their partnership with visa has allowed them to scale at a much faster level than other competitors in realizing their vision of getting people to incorporate the use of cryptocurrency into their daily lives as they make regular transactions.
Even though Monaco Card still relies on visa for their business model, they are definitely helping with the mass adoption of cryptocurrencies. You will agree that the more people that use cryptocurrencies in their daily lives the better.
Insomuch as the Monaco (MCO) card is a compelling option for anyone that wants to make everyday purchases with cryptocurrency it will hit a lot of bumps along the way as the financial industry is highly regulated. Even though Monaco’s solution appears simple and user friendly, crypto-backed payment is a complex issue.
NB: Monaco Technology has recently been rebranded Crypto.com