Monaco Coin – Full Guide
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Every week, a new cryptocurrency is listed in popular cryptocurrency exchanges. Each coin is developed by a team with a unique platform and several sets of blockchain services. Monaco Coin (MCO), a fast-rising blockchain project the offer credit/ debit cards, is an example.
The Monaco coin is now listed on several exchanges and has a growing market cap. Like other cryptocurrency networks, Monaco is providing several unique services. Read the following review to learn everything about the company behind the coin, the idea behind the coin and future prospects.
What is Monaco?
Launched in June 2017, with the ICO of the token generating over $26 million for the company, Monaco is a cryptocurrency with a fast-rising digital asset known as the Monaco coin. It also offers a digital wallet that allows users to hold several fiat currencies and cryptocurrencies on a mobile app. Launched last year, the MCO coin is already attracting adoption by crypto investors and traders. The coin is mostly traded by users based in Asia and Europe.
Issues of everyday payment are prevalent in the cryptocurrency industry, but Monaco hopes to solve such issues with their unique technology. They are looking to make it easier for users to spend cryptocurrencies, a goal that has been driving the company for a while now. Monaco is also a Visa credit card issuer that allows users to spend their cryptocurrencies in accepted retail stores. The card is available to users mostly in Asia and Europe, though the service has not yet launched in the U.S.
The company’s cards are its biggest service. In fact, Monaco is built around the idea of making it easy for people to spend their cryptocurrencies. Users can deposit several cryptocurrencies into their account and that will be all. They can use the stored cryptocurrencies to purchase goods or services anywhere cards are accepted. The Monaco team automatically handles currency conversions.
A Monaco account doesn’t have any minimum balance and the company doesn’t charge its users any monthly or annual fees. For ATM withdrawals, however, Monaco has set a limit of $200 while interbank exchanges have a limit of $2,000.
The company was launched in 2016 and is slowly becoming acceptable to cryptocurrency users. The company makes its money from percentages it charged merchant cards, which stands around 1.5-2%.
The vision of Monaco and its uniqueness
If more people are to start paying with crypto for goods and services such as coffee, grocery, and other things, then it will become much more appealing to store and use cryptocurrencies. Till today, one of the biggest challenges facing the crypto space is how users can spend the cryptocurrencies.
Monaco aims to do their best to change that by integrating a mobile app and their Visa card. What makes them more appealing is that Monaco handles the exchange between cryptocurrencies and fiat currencies at the lowest possible cost while also making processing fees absolutely free.
Transactions using Monaco cards do not have border issues like fiat currencies since they are backed by cryptocurrencies. This means that you can use the Monaco card everywhere you go as the card will also automatically default to the local fiat currency anytime you purchase a product or pay for a service.
Their low fees and exchange rates apply in all countries where they offer services. Transactions occur instantly and are issued at the rate the company receives as an institutional trader. This is much better compared to other banks that charge cross-border fees and additional percentage when you make international purchases.
The Monaco Team
The CEO of the company is Kris Marszalek. He is an entrepreneur in Asia for years and has been responsible for taking companies off the ground and turning them into well-grown companies. He was the CEO of several companies, most notably that of Ensogo, at a time when the company was still growing.
The CFO of the company is Rafael Melo. He has garnered over 15 years of experience in the finance world. He has a deep understanding of financial risks and mobile payment ecosystem in Asia. He was also the CFO at Ensogo where he helped them raise A $50 million from companies such as Goldman Sachs, Black Rock, and Fidelity.
Gary or is the Chief Technical Officer of Monaco with 9 years’ experience in full slack engineering. He is known as a hacker, a product designer, and an entrepreneur, with a keen interest in machine learning and artificial intelligence.
Features of Monaco
Use cryptocurrencies to make purchases
Monaco allows users to make purchases using their cryptocurrencies. People that hold cryptocurrency in their Monaco account can use them to pay for goods and services.
Low transaction fees
Monaco charges its user low transaction fees. Their processing fees are around 3-4%, with roughly 1.5-25 going to Monaco. This implies that the company doesn’t charge you any processing fee aside from the one charged by credit card merchants.
Another feature of the Monaco card is the 2% cash back program it has in place for its cardholders. The cash back rewards are given to you via the MCO tokens. Thus, the real value of your cash back reward is tied to the value of the MCO coin. Your cash back can increase or decrease, depending on how well the company or its currency is doing.
No cross-border fees
The Monaco cards are backed by cryptocurrencies, thus they have some of the attributes of cryptocurrencies such as the lack of cross-border fees. This means that you can use your Monaco card wherever you go. Your card automatically switches to local fiat currency when you pay for goods or services.
Monaco issues four different types of cards:
- Monaco Midnight Blue card: This is a free card issued by Monaco that comes with a $2,000 inter-bank exchange rates limit. As a user, you aren’t charged any monthly or annual fees. However, you will be charged 2% once you reach your $200 monthly limit.
- Ruby Steel: This card doesn’t have a setup cost and it provides users with a 1% cashback on every purchase they make. There are no monthly or annual charges to the user through a 2% charges apply once a user exceeds the monthly $400 limit. The inter-bank exchange stands at $4,000 per month with a 0.5% fee. To use this card, you must have invested and hold on to 50 MCO coins for roughly 6 months.
- Precious Metal: using this card, you will not be charged any monthly or annual fees and you will get 1.5% cash back on all your transactions. It has an inter-bank exchange limit of $10,000 with a 0.5% charge after that while it also has a free $800 ATM withdrawal monthly, with a fee of 2% charged after that. To use this card, you will need to purchase 500 MCO tokens and hold them for at least 6 months.
- Obsidian Black: This card has an unlimited inter-bank exchange with 2% cash back on all your purchases. It doesn’t have any annual or monthly fees and allows you to withdraw $1,000 on ATMs every month with 2% charges applying after that. To make use of this card, you will need to purchase and hold 50,000 MCO tokens for a period of six months.
With Monaco, you can deposit cryptocurrencies and get credit to spend. You will get reduced fees when you make use of their MCO tokens. Unlike other credit card companies, Monaco doesn’t check your credit ratings before allowing you use this service. They also do not set a repayment deadline, another feature that makes them unique.
The main aim of this service is to change how the modern credit system works. Monaco gives you the credit limit you desire, not the one the credit company gives to you. You also get to repay the credit when you want, with no statement deadline put in place for you.
Monaco can borrow you money to make both big and small purchases, which you can pay back afterward. To access a line of credit, you can use Bitcoin or MCO as collateral, so that the coins deposited as security can be used to cover payment in case you default on your payments.
Monaco’s mobile app allows you to spend your cryptocurrencies anywhere. Opening an account is free and the mobile app allows you to hold several multiple fiat and cryptocurrencies. Using the mobile app, you can save up to 5-8% as they exchange using the real market rates. The mobile app gives you easy access to your account and allows you to manage your funds on the go.
You also earn 2% cryptocurrency for every purchase you make using the mobile app. The 2% cashback is given to you in the form of their MCO token, which you can exchange for Bitcoin or Ethereum. The mobile app has been designed specifically for those who travel a lot or those who prefer mobile banking to using credit cards.
Using the mobile app, you can buy, earn and spend your cryptocurrencies at the best rate possible. You can also use the mobile app to send or receive money without fees at perfect interbank rates, and the transaction happens instantly. You will get instant transaction notifications on your mobile app and you can manage your weekly or monthly budget using it.
The problem with most crypto projects these days is the lack or inadequate information available to people. Some projects are actually very interesting and worth investing in, but the inadequate information provided by the developers make it rather difficult to participate in.
Monaco makes it easier for its customers to connect with their network. Information about Monaco and their Monaco cards and coins can be found using their university product. The university contains the guide section that Monaco dedicates to its customers.
The guides are very easy to digest, with lessons and videos available to give you all the needed information. It also contains a full glossary, with the definition of relevant terms. They do not only explain terms that are relevant to them but also helps users with information regarding the cryptocurrency world. All these information available makes it easier for you to use Monaco. This is a product that makes Monaco even more unique.
Automated Crypto Investing
This is another product offered by Monaco that allows you to invest in startup companies. All you need to do is to deposit money and the auto investment will handle everything for you. It allows you to invest in companies starting with a low amount and within minutes.
The automated invest helps diversify and manage your investments based on your preference. The platform will automatically rebalance your portfolio to ensure that it favors you at all times. It buys and sells assets for you based on the market changes and fluctuations.
Auto invest also allows you to cash out any time you wish, your funds don’t have to be tied to an investment when you aren’t interested. To make use of the auto invest service, you don’t need any experience in the crypto investment field, and the service takes care of everything for you. Monaco charges you fees only for profits made, they don’t charge you processing fees.
Monaco coin roadmap
Tracking the Monaco roadmap is a difficult one considering the fact that it had witnessed delays in its services since it was launched. But here is a quick roadmap of the company till date. Note that Monaco’s development team doesn’t provide a date for each milestone, stating that each step’s success depends on the previous one.
- Live app: This is the first milestone that the company hopes to achieve. Its mobile app which is life now allows users to buy crypto with fiat, crypto to crypto. They started with 500 beta testers and have likely achieved that by now.
- The global rollout of the app: The second milestone is to make the app available globally. The team hasn’t fixed a date for that yet, but they are looking to make the app bug free before doing that.
- Lock up tokens for everyone: This is according to reservations made earlier, Monaco will lock up 3 million MCO tokens with 5,000 black cards reserved.
- Cards & full app: allow the exchange of fiat to fiat, crypto to fiat, and roll out card management. This will be available to beta testers and there is no set date for that yet.
- Cards & full app: Rolling out their apps and cards to countries slowly, with Singapore and Asia their first market. After that they will start advertising their products to the world and launch new cards and services.
The Monaco credit cards are already available in some selected countries in Asia. The mobile app is already available on Google Play and Apple Store. The company expects to ship cards to more countries and more partnerships to be established.
The MCO Token
Monaco coin dubbed MCO is the cryptocurrency of Monaco. The MCO token is an ERC20 token that is issued on top of the ethereum network. With the MCO tokens, users of Monaco’s credit card can use it on the platform.
MCO which currently trades around the $5 mark has a market cap of $66 million. The currency helps with liquidity within the credit card company’s networks while it is the currency that they make use of in cash back rewards. In addition to that, as a user, holding the MCO token will help you unlock higher-value Monaco cards that have higher transaction and withdrawal limits. Using the MCO tokens, you will earn each time you make use of your Monaco card. Every transaction you make can earn you as high as 2% of MCO coin as cashback. The token is traded on several exchanges at the moment.
The MCO coins you earn while using the Monaco card can be exchanged with any cryptocurrency of your choice. This means that you can easily earn Bitcoin, ethereum or any other cryptocurrency just by using the Monaco cryptocurrency since you can swap the MCO coins with other cryptocurrencies on exchange platforms.
Since the MCO is issued on the blockchain network, each transaction you make is secured by the coin’s counter-value. Monaco currently offers four different types of credit cards and none of them can be ordered directly. They can only be purchased using the MCO tokens. Asides from the rewards that you can get for using the coin, it also serves as liquidity asset for the company and a way of converting one currency to another. As a user, the more MCO tokens in your possession, the better the Monaco cards you will get approved to use.
Monaco Coin Price Growth
The price of MCO token spiked the moment it was released, trading above the $2 mark in July 2017. By August 29, it achieved its all-time high of $23.04 per coin, a growth of roughly 1000% in less than 2 months. The price of MCO fluctuated for the rest of the year and finished 2017 trading at $14.36 per coin.
It started 2018 strongly as the Monaco coin price attained the $18 mark a few days into January. By the first day of February, the price had dropped to the $10 mark and currency began a steady decline, as the crypto market entered a bearish mode. It ended February trading at $8.34.
It rose above the $9 level at the beginning of March as the market attempted to make a recovery but plunged to the $5 level after a few days. MCO was trading around $4 by the end of March.
How to buy Monaco Coin?
The first thing you should know is that you cannot buy MCO using fiat currencies. You can exchange it for other big coins like Bitcoin or Ethereum. The MCO token is available on major exchanges and can be exchanged with those currencies there. Here is how you can buy Monaco coin.
- Open a Monaco wallet: the most convenient wallet option for you is MyEtherWallet since MCO token is an ERC20 token. Go to the myetherwallet official page and insert a password that only you can recall. Press on ‘create new wallet’ tab and download your keystore Ensure to back this file up in a safe place, maybe a hard drive or a USB drive. You will be given a private key afterward to your wallet.
- The next step is to purchase Bitcoin in an exchange such as Cex.io.
- After purchasing your BTC, deposit it in your preferred exchange. Ensure that the exchange trades MCO token.
- Search for the MCO token on the exchange and trade your BTC for the coin.
- After purchasing it is recommended that you store your MCO token in a hardware wallet.
Monaco Coin wallet
The best place to store your MCO tokens is in a hardware wallet. Here are some wallets that you can save your coins.
MyEtherWallet >> Since MCO coin is an ERC20 token, it can be stored on myetherwallet. This is an open source client-side wallet that allows you to interact with the blockchain while allowing you to be in full control of both your funds and your keys.
Ledger Nano S >> This is one of the best hardware wallets currently available in the market and supports the storage of ERC20 tokens. It has robust security features for storing your digital currencies. It is also easy to navigate and easy to set up. In general, this is a very secure wallet to store your MCO tokens.
Trezor >> This is another hardware wallet that supports storage of Ethereum based coins. It provides you with a high level of security while making it convenient and easy for you to use. You can easily sign transactions while connected to a device online. It is easy to navigate and use and also highly secure.
Parity >> This is a wallet that allows you to store ERC20 tokens, while also allowing you to interact with the ethereum network fast and easy. It comes with an extensive wallet that you can access via your web browser.
MCO tokens are traded on major cryptocurrency exchanges. Here are a few amongst them.
Huobi >> this is a very reputable cryptocurrency exchange platform from China that allows users to trade cryptocurrencies including the USDT. It has an advanced feature that protects it from DDoS attacks. They, however, have minimal information in the English The platform trades MCO/BTC and MCO/ETH pairs on its network.
Binance >> This is a Hong-Kong based cryptocurrency exchange that is currently considered the biggest in the world. The exchange is known for offering a wide range of cryptocurrencies with a very secure platform. They offer three MCO trading pairs, MCO/ETH, MCO/BTC, and MCO/BNB.
Bit-Z >> This is a reputable Hong-Kong based crypto exchange that was founded in 2016. It is known for providing both Over the Counter (OTC) and professional digital asset trading services with various features. Transactions, however, take long before being confirmed on this exchange. They offer MOC/ETH and MCO/BTC trading pairs.
In a Nutshell
Monaco is looking to make it easier for people to spend their cryptocurrencies, and despite the challenges they have faced, cryptocurrency enthusiast are still much happy about the emergence of the company. The MCO token is one that has huge potential due to the fact that it is backed by a project that can affect millions of lives all over the globe.
With the help of Monaco cards, spending cryptocurrencies would become much easier for everyone. In general, Monaco is a very solid project that has a huge potential for success.
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