Trade MCO - MCO Markets, Exchanges, Broker
Monaco Coin (MCO) is the crypto currency of the credit card provider Monaco. It serves mainly as a token for the credit card platform. The crypto currency has a market capital of 108 million US dollars, of which 11 million US dollars are traded daily. The company was founded in June 2016 and is headquartered in Hong Kong.
What is Monaco Coin all about?
The idea of Monaco is simple. The credit card provider offers various credit cards based on the Ethereum blockchain. This has the advantage that credit card holders do not have to keep an eye on the respective exchange rates of the country as usual, but can simply pay in the crypto currency Monaco. Technologically, Monaco is based on the Ethereum blockchain. Each transaction carried out is secured by the equivalent of the Monaco tokens. In total, Monaco offers four types of credit cards. The credit cards are not directly orderable, they are available through the purchase of the crypto currency. The credit cards are free of charge for coin holders.
Compared to conventional credit card providers, Monaco does not charge any monthly or annual fees. Customers simply have to keep the purchased Monaco tokens for a period of 6 months. The crypto currency can then be exchanged for Bitcoin or Ethereum. Since the launch of the ICO in May, the value per token has risen above 2600%. A really nice feature is the material from which the credit cards are made. They are made of metal. The credit cards are divided into four categories. Monaco customers have the opportunity to get a free credit card. It is not necessary to purchase Monaco tokens.
Offered credit cards
With the Midnight Blue credit card, customers can transfer up to $2,000 per month and withdraw $200 from ATMs. The "Ruby Steel" has a transfer volume of 4,000 US dollars per month, of which 400 US dollars can be withdrawn free of charge. If the transfer values exceed the limits, fees will apply. Precious Metal" has a limit of 10,000 US dollars per month, whereby 800 US dollars can be withdrawn. There is also a surcharge if the limits are exceeded. The "Obsidian Black" has no transfer limit. Customers can transfer as much money as they want. Only the withdrawal volume is limited to $1,000 per month. Fees are also due here if the limit is exceeded.
A surcharge of 0.5% on transfers and 2% on withdrawals is levied for exceeding the limits. The special feature of credit cards is that users receive a cashback of 0.75% on each transaction. In addition, with the exception of the "Midnight Blue", all credit cards include a travel insurance cover of USD 500,000 per month. Credit card transactions are free of charge because merchants who accept the credit card must pay a fee of $3. This fee is deducted directly from the amount received.
Conclusion
Monaco launched the token sale in May 2017 and already collected 26.7 million US dollars in June 2017. Shortly thereafter, the crypto currency was listed on Bittrex and Binance. In August this year, Monaco put its credit card portfolio online and launched its app. Investors should be able to receive Monaco credit cards as early as October 2017. Monaco has thus entered an advanced phase. According to its own statements, the company is guided by three principles: Simplicity, honesty and leadership. Whether the company's idea will prevail on the financial market and convince customers remains to be seen. It is a fact, however, that Monaco is a further market change based on blockchain technology.