Monaco is one of the most exciting new projects in the cryptocurrency scene. It's a debit card that can be funded with Bitcoin or Ethereum!
But there is also a Monaco app, where users can top up their card, exchange money, or send money to other Monaco App users.
It's a revolutionary new system that makes cryptocurrencies much more attractive to use in real life.
After 1 year of development, the MONACO Card and App held their ICO in may this year.
They reached the target within 90 minutes only, and raised over $3 million in just 3 days!
What is the Monaco Visa Card & App?
“The Monaco VISA® Card & App gives users the ability to spend, send and exchange money at perfect interbank exchange rates, saving them EUR30-40 on every EUR500 equivalent spent. We’re doubling down on this strategy to increase the level of savings they can achieve even further by announcing the world’s first Cryptocurrency Cashback rewards program.”-Kris Marszalek, Founder of Monaco Technology
The Visa Card can be topped up with BTC or ETH.
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. The receiver will instantly be able to spend the funds with his card.
The card launch is scheduled for 31 August 2017.
Cashback program
The Monaco Visa Card offers the world's first cashback program for any cryptocurrency credit card service.
After the transaction was completed, the card holder will instantly get up to 10% of the transaction value returned to his Monaco App wallet.
That credit will be in the cryptocurrency of Monaco Technology: "MCO".
MCO tokens can easily be exchanged to BTC, ETH, USD, EUR, and other fiat currencies.
"Combining perfect interbank exchange rates and instant cashback could potentially bring the savings on a single transaction to 15-18% for our customers. It’s simply unheard of. The credit for the idea belongs entirely to the Monaco user community. We’re listening to what our users want in the product and executing at a rapid pace. If there’s a merchant you would like to see participating in the program, please join our Slack channel at slack.Mona.co, where users are currently contributing and voting on a list of merchants to bring to the Monaco platform.” -Kris Marszalek, Founder of Monaco Technology
Black Monaco Visa Card
There will be a limited edition black Monaco Visa Card - "to acknowledge and reward the early supporters."
This special edition will offer lifetime "unlimited perfect interbank exchange rates and triple free monthly ATM withdrawal limits".
And of course, the exclusive black design.
The cards with the numbers 001 to 999 will be given to those who participated in the ICO.
The black cards from 001 to 499 will be issued to the top ETH token contributors.
The rest of the black cards, 500 to 999, will be assigned to those who contributed the fastest.
We were astounded to see that the Black Card #001 fetched over $250,000 in what appears to be a bidding war. It’s unbelievable!
-Kris Marszalek, Founder of Monaco Technology
More Details
- Website: www.mona.co
- Whitepaper
- Blockchain: Ethereum
- Consensus: Proof of work
- Emission rate: No new coins created
- Token supply: Proportional to raise amount
What is your opinion about Monaco - would you use a BTC/ETH Visa Card?
© Sirwinchester
This is why will we need a Steem card in the near future. Monaco seem like an ambitious project and I will be looking forward to getting one of those, current fees are unsustainable and unfair.
You're right, a steem visa card would be awesome! 😬
it will be better when we can have cards without using Visa and maligned corps/banks. can't wait until they crash and burn their debt-based business model. then truly liberating cryptocurrency solutions will be able to rise from the ruins.
I wanted to ask you if you have one
or have used it
I wonder if its safe
if it's proven to be safe - why not
comes in handy
but yes that Steem visa card - let it come true!
The card isn't actually out yet, it will launch at the end of August this year. But I'm sure it will be safe and very convenient to use.
i hope so fam
It would be. you could use the credit gained on the social network for interactions and spend it in real world. boom!
A steem card would be so cool~
One day there will be one. Steemit is a baby. Lots to come in the future.
We need a true crypto debit card that doesn't penalize you with monthly or miscellaneous fees. The only transaction fees should be when withdrawing from an ATM into a fiat currency.
Such a wonderful idea. I'm sure sharp minds are already way ahead of us and making the code as we speak. As for guys like me that have no coding skills, i'll eagerly anticipate that and will contribute accordingly.
This Kris will change the way we see Debit Cards... I already got mine, why shouldnt we all get one????
http://get.mona.co/IVWT/nVe...
I mean if you get the Monaco Crypto Debit Visa Card you earn up to 2% CashBack on each Purchase and you are Insured :-)
http://get.mona.co/IVWT/nVe...
Best is that you can earn up to 10$ REWARDS on each sing on!!!
FOR ALL FUD -> ITS REAL -> NO SCAM :-P :-P
hmm this post makes me doubt my decision I didnt got into their ICO.
They should have hired you
Hahaha thank you 😁
let's see what will happen once MCO hits the exchange platforms!
When will be available?
This Kris will change the way we see Debit Cards... I already got mine, why shouldnt we all get one????
http://get.mona.co/IVWT/nVe...
I mean if you get the Monaco Crypto Debit Visa Card you earn up to 2% CashBack on each Purchase and you are Insured :-)
http://get.mona.co/IVWT/nVe...
Best is that you can earn up to 10$ REWARDS on each sing on!!!
FOR ALL FUD -> ITS REAL -> NO SCAM :-P
I got in on this ICO. The founders came from the Fintech world and seem to know what they are doing.
Same, I put some ETH (going down now btw... ETC will raise)
Looks promising, but their business model seems a bit light (ROI on the card uses are low, probably too low for banks, so it may prevent them from striking big deals with the finance institutions. But do they need it ?
Hmm, good point. I don't know, let's see how this will turn out
Yes I personally think this project has a lot of potential. You probably made a good investment.
Not only that, but they're improving upon a proven model: Wirex et al.
I have invested in this ICO as well. Now that the ICO sale is over I have no heard anything from them in regards to redeeming my MONA tokens. This is the one and only ICO I have invested in and am not sure what the procedure is as they have little to information about the process after ICO sale completion on their website. If anyone could shine some light into this I would greatly appreciate it.
Okay, nvm lol. I figured out that they deposit the MCO coins back into the wallet you used to send them ETH with.
I wanted to get in on the ICO, but it didn't pass the smell test for me, perhaps I'll look at it again once it has gain a bigger adoption. It looks better than Bitpay, so that is a plus for me.
The Cyptoverse interviewed the founder and he held himself well.
meep
Hmm, yes let's see how this will develop in the future and you'll still be able to invest again later on
I hate to carry around multiple cards.... I want a single single card for all my crypto.. it should have the option to choose which crypto to use to pay..
You're looking for TenX, then.
Yes, it would be even better if there would be more cryptocurrency to use with it.Although I read that they are planning to add more tokens in the future.
That wouldbe a nice thinthing to see
This black cards look sick. I am pumped for the Monaco card. The cash back rates are unheard of, how are they able to offer such high rates? Any idea on when they will be available? Also will they be available in the U.S.?
The card launch is scheduled for for 31 August 2017. I think the card can be used globally, including the US of course.
Because they can print money for free ;)
I also invested in the ICO. It seems like it could be great, although it coulr also easily fail. I don't have expectations either way. I hope Monaco succeeds though.
One thing I didn't like was that MCO tokens were pegged to ether directly, so when the price of ether spiked half way through their ICO, people who paid 1 ETH when ether was worth x2 more didn't get more tokens, where as Polybius pegged their token price to USD so my ether went farther in their ICO.
I see, they should've handled that differently! It was easy to get into a disadvantage since the Ether price changed so much.
Yea, they also put themselves at risk if the price of ether collapsed during the ICO.
This is so cool! Thanks a bunch for sharing this incredible news. Its time was ripe. Namaste :)
You're welcome, glad I could share some new info!
CRAZY cool !! :)
I keep getting Monaco ad , and curious what it was. Thanks for posting
this is what we have been waiting for........ easier way to spend your coins/token. Great post and thanks for sharing @sirwinchester
You're welcome, glad you enjoyed the post!
Why is Monaco better than XAPO or Wirex ? Would be great to hear your opinion.
Hi guy, thank you for the post... I invested on it but I´m not sure if I should sell my MCO tonkes in the first week of frenesy or hold them for a while... Can you help me? Thanks!
That is so cool! That would be very useful and it will make it even easier to use bitcoin and ether for everyday spending.
Exactly - so much more convenient!
How does this compare to other crypto credit cards? It seems Wirex has a similar platform and well built site as well. I know that in the real world, there are multiple credit card companies but seeing as Monaco seems to work very similarly to Wirex, I was curious if it had any distinct advantages.
Wow I saw their ads on youtube but I didnt know they were coming out with a ICO. That black card supply is all gone too :( woulda been nice to have one of those on hand. Any predictions for this coin??
I think the Black card is going to bring the most long term hype. We all know how people want something that is limited that no one else has. This mentality is rampant with mainstream media/celebrities in the US.
True. Easy psychologic tricks!
Well..I bought some during the ICO. Hear some mixed stories about it. I use my creditcard very often..maybe this would be a good alternative and along the way I support the new developments in Crypto. Win-win..
I think it will make crypto payments in real life so much more easy and convenient - it will definitely be a great alternative!
It is true that this is a very interesting project, a pity I did not buy during the ICO. Good presentation ;)
Thank you! Well, you'll still be able to invest in it later on!
I don't understand. If it's free transactions how do they (monaco)earn money?
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!
I believe they charge a 1% fee on all transactions at POS. I honestly don't mind paying $10 to access $1,000 worth of crypto currency as this is much cheaper and faster than anything else I'm aware of.
My bet is on ramp-in ramp-out, when you enter their network or exit it you will incur in fees.
Makes sense. They should make it clear though.
1% on and offramps.
I missed their ICO, but I'm curious about this! If they manage it well, it could be a blockchain technology which is ready for the big masses!! Great post btw!
Thank you!
Yes projects like these could really revolutionize the way we use cryptocurrency - let's see how it will develop
interesting @ sirwinchester!!!
It looks very nice. I hope there will be more projects like this in the future. Great post and informative @sirwinchester
Thank you! :)
This is intriguing. I wonder if the tax man will consider the crypto gains a taxable income even though no other credit card with a loyalty program is.
Must read more... off to Mona.co
Interesting question!
i use cryptopay.me here in the uk, you can get a physical card, it's only bitcoin thou but i can four accounts - bitcoin, us, gbp and euro and i bought three virtual credit card accounts for £2.50 each that i can seperately load money into, those virtual wallets can be used for instance on an iphone/latest ios as a payment method. kinda cool.
Sounds awesome! Finally we are getting convenient options to use cryptocurrency in the "real world"
i'll do a video on it.
very interesting.
thanks for sharing
The crypto cards feel like they will become a dime-a-dozen and one won't really dominate the space. Already you have Monaco, TenX, TokenCard, etc.
I'm also fearful they don't actually sport the VISA logo anywhere on their promotional material.
And barring all that, what is going to drive people to spend their BTC, ETH, etc when many people are holding it as an investment?
I posted the YouTube interview with the founder. No guarantees of course, but I was impressed with their approach.
Yes many people hold it as investments, but cryptocurrencies should still be regarded as a payment method and not just an asset. I think monero is a great way to make spending cryptocurrency much more convenient
If you can load it with a USD (or any fiat-pegged) token and bypass credit card fees while still getting points and cash back, I think that'd be amazing.
omg, this is amazing. Thanks for sharing this!
Such a great concept! It's so good to see they're finally fusing the credit card market with the cryptocurrency market. I can't wait to see where things go from here :)
Yes! I'm excited to see where projects like this will go!
Great information really helpful. But do not see how to apply. when it will start to provide their services? upvote and follow
Thank you! The card will be launched at the end auf august this year.
Thanks for posting this. As a noob, I was thinking about how we needed something like this. Glad people are doing all the footwork while I just fly around and play on steem #paragliding.
Hahaha, have fun on your paragliding adventure - steem on!
I keep seeing this, but something stopped me from jumping at it, but I forgot what it was, LOL. I have to check out the details again.
Perfect exchange rates sound good. And the 10% cashback do, too. Hm... Will have to take another look. Thank you @sirwinchester!
You're welcome! Yes you can still invest in it later on!
I don't really understand what is the hype about Monaco. Have seen the ICO, but didn't invest. For example, there's SpectroCoin that is an already up and running service to get a card to pay for things, sure some stuff might be different be the idea is the same so, is Monaco any better?
Also saw a new ICO for a very similar idea starting...
Yes the idea of a crypto credit card definitely isn't new. Monaco just has a great combination with the app, and some additional features
I agree. The debit card to crypto space doesn't seem all that revolutionary and doesn't seem like it has much of a moat. I imagine a lot of competitors in the space.
I skipped this ICO, there were just too many ICO's and not enough $$ in my bank account. Will keep en eye on how the tokens do on the exchanges.
Yes, you can still invest later on! I'm excited to see how MCO will perform.
Reminds me of SpectroCoin Card. Nice ;)
I've invested and looking forward to getting my card.
Withdrawing crypto into fiat is a pain here in the U.K. Is this takes off it will be huge.
Sir,
The guy said "perfect interbank exchange rates" and I was all like...
"Did he just say 'perfect?'"
I've been in PR my whole career - you never say your product does perfect anything.
Good writeup, Sir.
I like calling you Sir.
Hahahaha 😁 thank you!
Let's see if it will be as perfect as they said!
Hello @sirwinchester, great share! I'm a new member and just joined. I would love it if you would take a minute to look at my latest post and click the follow button if you enjoy my articles. Thanks a lot.
Monaco sounds like a great idea for a couple of years into the future. I would never use a cryptocurrency card to make purchases today because BTC and ETH are investments. Nobody wants to buy a couple pizzas and find out that they're worth $26M a couple years later. I really want a Monaco card just for novelty, but I couldn't justify making many purchases with it.
so freaking cool! I must contribute to this! I want one!
Thanks for sharing - good post. After seeing this I decide to have a re-think about Monaco. Before I just ignored them. However maybe I will still wait for a Steem card! :)
Hello Tony hows it going!! How do you edit the first photo of your every post to be so captivating and with the steem logos on everyone one of it. Do you use photo shop to do that?? Thanks for taking the time to read this!
I'm currently using a CoinsBank card. Could anyone inform me how a Monoco is different and if I should consider switching?
I didn't expect to be able to spend my ethereums or bitcoins. This project is interesting. We're maybe talking about the futur of crypto currencies! Thank you for this information!
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super
Visa is a big word , have they signed the agreement ? Without visa it's not much, there is also Token card. With Visa , it's a really big deal .
Sorry if this has been brought up , I did not read through all the comments.
And one day : Andorre the card for transaction with Dogecoin.
If you're not european, it will be hard to understand the joke.