see the white-paper: https://mona.co/monaco-whitepaper.pdf
They still take a small fee:
"The only fee that is applied is a 1% software license fee that accrues to the MCO Asset Contract"
"These earnings will accrue in the MCO Smart Contract, the rights to which will be held by community members who hold MCO tokens."
"MCO Asset Contract accrues a 1% licensing fee on transactions using the Monaco Card funded with ETH/BTC, as well as exchange transactions between ETH/BTC and fiat currencies. Over time MCO will be backed by a portfolio of the most popular ERC20 tokens. MCO holders will be able to access the portfolio through a mechanism called “REDEEM & BURN”.
"Fees from card swipes will be denominated in the token being used to fund the swipe (ETH or BTC at launch). These fees will be sent directly to the MCO Asset Contract. Over time, this contract will accrue tokens in proportion to the usage of the Monaco Card & App globally."
imho, 1% is extremely how, especially regarding to the volatility of cryptos used to bridge fiat conversions. But the project looks very promising!
Yeah 1% is reasonable, got no issue with 1%.
But...
"MCO Asset Contract accrues a 1% licensing fee on transactions using the Monaco Card funded with ETH/BTC, as well as exchange transactions between ETH/BTC and fiat currencies"
isn't the same as
"The Monaco App also offers free transfers between 23 currencies with "perfect interbank exchange rates."
Monaco App users also have the option to send free transfers to other monaco users, which will be credited instantly."
Am I missing something? Are they talking about different types of transactions or what? Is it free with the app and 1% with the actual card?
thanks for clarifying!