There is a lot of fierce competition in the world of cryptocurrency-related debit cards. Although a lot of companies were forced to end their services, new competitors will emerge fairly soon. One of those companies goes by the name of Monaco, even though it has nothing to do with the luxurious part of France. The team’s mission is fairly simple: to put cryptocurrency in every wallet.
What is Monaco Exactly?
The main objective of Monaco is to let users spend their cryptocurrencies as conveniently as possible. With their free accounts, support for multiple cryptocurrencies, and exchanges of value based on real-time rates, there is a lot to like about this project. Its payment card is supposed to come to market soon, and their mobile app was released some time ago.
How Does it all Work?
Being able to spend cryptocurrency at most locations without having to worry about high fees is something to look forward to. More specifically, Monaco prides itself on not charging any fees whatsoever, and users will get perfect interbank rates. Additionally, users can earn cryptocurrency for every purchase they make using Monaco as well. These rewards are issued in the native MCO token, which we will discuss later on.
With the Monaco app, users can send money – without paying fees – to anyone in the world. Recipients will receive the transaction immediately and can spend the funds using their Monaco card. It is possible to top up this card with Bitcoin, Ether, bank transfers, and debit or credit card deposits. It is a convenient solution, although it will take some time until it is fully available to the entire world.
Monaco’s cashback initiative is also worth keeping an eye on, as users receive up to 2% back on every transaction in the form of MCO. These tokens can then be exchanged for Bitcoin or Ethereum using one of 17 different exchanges. It is equally possible to use MCO tokens for card purchases themselves, incentivizing users to make use of their cards even more. With a strong consumer-centric approach, it is evident Monaco will be of great interest to a lot of cryptocurrency enthusiasts.
The Purpose of the MCO Token
As mentioned before, the MCO token is issued as a cashback reward for every purchase made using the card. However, users must also obtain MCO tokens to order one of the various card models available to them. To do so, they need to “lock” a specific amount of tokens for six months. After that period ends, the tokens will be released to the user again and he or she can spend them as they see fit. It is a token which already has value, as users have been able to sign up for the card ever since the mobile app was released several months ago.
What’s Next for Monaco?
There is still a lot of work to be done before Monaco becomes a household name. For now, its cards are only available in select countries, and shipments are expected to commence soon. The global cryptocurrency app will be released in the coming months, and the MCO token lockup will be enabled later this year as well. Further down the line, we can expect new card models, payment cards being shipped to European customers, and a venture into the US market. There’s a lot worth keeping an eye on, but it will take time until all pieces of the puzzle fall into place.