In the current world scenario, cryptocurrencies are seen more as an investment than a mode of exchange. A lack of widespread awareness and acceptance is the reason for this drawback. However, several industries have opened their minds (or wallets) to cryptocurrencies. The problem now is that there is a need for direct payment modes and infrastructure.
Monaco has come up with solutions in the form of the Monaco Card and Monaco Wallet app. The Monaco Visa Card is, in fact, a debit card that supports funds procured by selling cryptocurrency holdings on the Monaco payment app.
The Monaco app and card currently support Bitcoin, Binance Coin, Ether and MCO (the Monaco Token). The app also supports seven fiat currencies: USD, EUR, GBP, HKD, SGD, JPY and CAN. There is even talk of a Monaco credit card which will allow users to borrow for cryptocurrency holdings.
Bobby Bao, the co-founder and Managing Director of Monaco and Eric Anzani, the Senior Vice President of Group Strategy spoke at Consensus 2018 about their products. Anzani said –
“Our vision is to power the future of money and to put cryptocurrency in every wallet.”
In addition, the company has founded the “Monaco University” to help raise awareness among people about digital currency and blockchain technology. The university will use written guides and short informational videos to achieve this.
Monaco is also developing several other crypto-based products. An automated cryptocurrency investment platform to be known as ‘Monaco Auto Invest’ will help in managing their customers’ cryptocurrencies autonomously. The management will be based on each user’s investment goals and risk tolerance.
Monaco raised $26.7 million from an ICO in 2017. According to Bobby Bao, their success was attributed to ‘listening to the community”. Talking to people face to face and being real are the way to go in the crypto-industry. Bao said –
“You have to talk to people, not just online but offline, face to face. You have to be real. The great thing about being a cryptocurrency company – you’re a start-up, but you’re also public. It feels like a family – you do business together.”