Updated: Dec 20, 2019
Monaco or MCO is a cryptocurrency that was rebranded to Crypto.com in 2018. The cryptocurrency aims to bridge the inherent problem of the widening gap between real-world applications and digital currencies. The Monaco project is essentially an innovative debit card allowing users to trade, exchange, and spend their digital assets, including Bitcoin and Ether on perfect and real-time interbank exchange rates. MCO coin was issued as the platform fuel by Crypto.com in 2016.
This guide will talk about the purpose for which MCO is designed, the team behind it, the way it works and various uses and applications.
What Is MCO Designed For?
Crypto.com, formerly known as Monaco was created to popularize the concept of cryptocurrencies, and make it a convenient name in terms of usage at the average household level. The company has partnered with Visa to allow users to pay for everyday purchases and services using both fiat and digital currency.
The card is very popular in Asian countries, including Singapore and the US. In fact, in certain European countries, there is a queue to receive the card.
Who Is the Team Behind MCO?
MCO is created by the development team of Crypto.com, which is headed by CEO Kris Marszalek. Marszalek is known as a “serial entrepreneur” in the internet industry of Southeast Asia. Before founding Monaco, Marszalek was also the CEO at Ensogo, which is an Australia-based social commerce website. He was also one of the founders of BEECRAZY, which is part of the Ensogo group.
MCO CFO Rafael Melo has over 15 years of experience in finance and has worked previously with Marszalek as a CFO at Ensogo.
How Does MCO Work?
Crypto.com is building an entire infrastructure on the MCO platform to solve the basic issues of usability and accessibility, which is faced by the broader blockchain industry. MCO Visa card has already been launched and offers some major benefits. The program which is over 2 years in the making has ensured that users get the best possible Visa debit card. Soon, a low-rate credit card service shall be on offer as well.
Another feature called MCO Private has not yet been launched, which is expected to meet the needs of high net-worth cryptocurrency holders. The service shall offer advice on competitive investment opportunities, digital asset custody services, assistance with over-the-counter transactions, and will also allow users to enjoy dedicated customer support.
The MCO wallet app is another fantastic product, which allows the purchasing of digital assets right from the wallet by linking to a credit or debit card.
What are Current and Future Applications of MCO?
MCO tokens are used in several ways within the Monaco (Crypto.com) ecosystem. There are 5 tiers of the MCO card and 8 different types of cards based on utility and MCO stake. Higher the MCO stake, the better the card benefits.
For instance, the highest stake of 50,000 MCO is on the Obsidian Black metal card, which offers 5% MCO rewards on all card spending, 100% rebate on Spotify and Netflix, and 10% rebate on Expedia and Airbnb.
In comparison, the Midnight Blue card (the only plastic card on offer) is free, that is a user can apply for it without staking any MCO token. The Midnight Blue offers only 1% MCO rewards in terms of benefits with a free ATM withdrawal benefit of $200 monthly.
MCO tokens are also useful for clients looking to use credit service. They can receive a 50% better rate by using MCO as collateral. Plus, MCO tokens offer power to the holders. Users holding the token can participate in votes for the cryptocurrencies that are going to be added to the wallet.
The team behind MCO has indicated that in future airdrops may be organized specially for MCO holders. Further, all cashback paid on the Crypto.com platform is made via MCO coins.
However, the foremost advantage of holding MCO coins and the MCO card is that the system makes cryptocurrency transactions very easy. The network supports most of the popular cryptocurrencies and fiat currency.
Users don’t have to wait for conversions, which are carried out automatically. It is enough to simply indicate the currency and the required amount. Lastly, the card can be used worldwide at all points of sales accepting crypto as a mode of payment.
MCO has had its fair share of ups and downs like any other cryptocurrency. However, this hasn’t negated its great potential or the promise to inch the world closer to embracing cryptocurrency. For this reason alone, investing in MCO makes sense. The platform is dedicated to bringing other cryptocurrencies to real-world and higher adoption.