DEFINITION of Monaco MCO (Cryptocurrency)
Monaco is a payment and cryptocurrency platform that operates its own native currency called MCO token. It also offers Monaco Visa cards, and a mobile wallet app that allows users to easily buy, exchange, and spend fiat and cryptocurrencies, such as bitcoin and ethereum, at real-time interbank exchange rates.
BREAKING DOWN Monaco MCO (Cryptocurrency)
Monaco has its own cryptocurrency called MCO token which is traded under the MCO symbol on 19 cryptocurrency exchanges. It can be used to make payments at 40 million locations globally. The token sale was conducted in mid-2017, which helped Monaco raise $26.7 million. As of April 2018, the cryptocurrency had a circulating supply of more than 13 million tokens and a market cap of around $115 million.
Monaco has multiple offerings. They include cryptocurrency-backed Metal Visa cards which require varying amounts of MCO tokens to be held. The user’s cryptocurrency holdings essentially back his card. All Monaco Visa cards come with zero annual fees, cashback schemes, and basic card features.
Like the popular reward scheme available with any standard credit card, Monaco cards also offer a cashback scheme of up to 2 percent of crypto spending. For travel buffs, the cards offer real-time interbank exchange rates with no overseas fees. Monaco claims that these rates offer savings in the range of 5 to 8 percent compared to real-world banks. It also allows completely free withdrawals from ATMs across the globe and airport lounge access. Essentially, by asking for cryptocurrency holdings that back the card, Monaco attempts to bridge the real-world banking and cryptocurrency.
True to its slogan “Cryptocurrency in every wallet” Monaco also offers a powerful multi-currency wallet app that supports the tracking of up to 200 coins along with the ability to buy, exchange and send various cryptocoins.
Depositing cryptocurrencies in Monaco wallet, cryptocurrency exchange and transfer to other Monaco wallets is completely free. However, users will be charged a varying fee for transferring cryptocurrencies to external addresses.
Monaco wallet also plans to support automated cryptocurrency investing, a feature expected to be launched soon. With a low minimum starting investment, the automated investing will allow users to build their cryptocurrency portfolio quickly, automate buying and selling, and allow for easy withdrawal at all times without any transaction fees. Monaco expects to charge a fee only when a user makes a profit, not on transactions.
Another future offering includes Monaco Credit scheme, under which Monaco plans to offer a credit of 60 percent and 40 percent worth of the value of a users holdings in Monaco (MCO) tokens and bitcoins (BTC), respectively. For instance, if a user holds $1,000 worth of MCO tokens, he will receieve access to $600 worth of credit, and if he holds $1,000 worth of bitcoins, he will be eligible for a credit of $400. The user can use this credit amount for spending only. In essence, your holdings in MCO and BTC will act as collateral for Monaco’s Credit.
Monaco is owned and operated by Switzerland-headquartered Monaco Technology GmbH, and has offices in Singapore and Hong Kong.