How & Where to Buy Monaco (MCO)
Use Monaco: Ways to send & spend MCO
Monaco Price & Information
Current MCO price and historical price chart
What is Monaco?
Monaco (MCO) is an Ethereum-based token and credit network which offers prepaid debit cards backed by popular cryptocurrencies. Users of Monaco cards can easily convert between his holdings of different coins and pay for online or daily transactions.
History of Monaco
Monaco was conceptualized in June 2016 and in October 2016, the prototype was tested on test-net. Monaco was formally announced in May 2017 and MCO token sale continued until June 2017. The sale earned $26.7m, making Monaco one of the top 10 token sale events of 2017. The Monaco app was launched on 31st August 2017. The core team of Monaco consists of Kris Marszalek (CEO), Rafael Melo (CFO), Gary Or (CTO) and Bobby Bao (managing director).
How Monaco Works
Monaco cardholders can top up/deposit leading cryptocurrencies in their wallet and then pay for expenses incurred in any currency using that balance. The network finds the best available exchange rate between the stored currency and the required currency and the amount is released from the user account. The cardholder can hold multiple currencies in their wallet and mention particular coins to be used for particular transaction. It is similar to having a bank account debit card, except the fact that it is backed by BTC. ETH and the likes.
Monaco charges 1% fee for transactions which are backed by ETH or BTC. This amount is charged in the same coin which is being encashed for the transaction and is sent to MCO Asset Contract fund. The users can buy Monaco tokens and create a stake for them in this fund which they can liquidate any time.
While Monaco concept is not unique, it offers some great benefits to the users.
- Daily Transactions: Funds held in Monaco wallet can be used for easy transacting in the real world. Monaco users can fund their wallet using ETH, BTC and other ERC20 coins and pay for products and services in EUR, USD and other leading fiat currencies.
- Best Conversion rate: The Monaco algorithm always finds the best available real-time conversion rate and thus, the user get the maximum value for their stored coins. In other words, due to the best possible conversion rate, the user spends less cryptocurrency for their daily expenses.
- Cashback Offer: Monaco offers 0.75% cashback to every user for any cryptocurrency transaction. The users of Monaco can expect to get the best possible deals due to cashback and real-time conversion mechanisms.
- Free Debit Card: Monaco offers real debit cards to the users and these cards can be used anywhere the normal debit cards are used. Moreover, these cards are issued for free and there are no yearly or monthly charges to it.