For crypto enthusiasts, a new way of earning cash back on their everyday purchases is in the works.
According to their newly branded crypto.com, a company called Monaco (MCO) plans on rolling out Visa logo-ed crypto debit cards soon. They also plan on providing crypto credit cards in the near future as well.
According to their website, Monaco’s ultimate goal is to put crypto in every person’s wallet.
The way that it’s supposed to work is that the MCO Visa card will act, look and feel just like a traditional banking Visa debit card.
You hand your MCO Visa card to the waiter and magically pay your bill using your cryptocurrency while neither the waiter nor the restaurant even notices.
Here’s the basics behind what is actually occurring each time the card is used:
MCO platform identifies the cryptocurrency (Bitcoin, Ethereum, MCO, etc) you choose to sell from your digital MCO wallet.
Their system finds the best exchange rate and then automatically sells the necessary amount to complete the transaction in the local country’s currency.
While it remains to be seen if it’ll actually work as advertised without a hitch, it’s the latest example of a tech company attempting to bring crypto to the masses. MCO also claims that you’ll be able to perform transactions using fiat (dollars, euros, pesos, etc) currencies as well.
While the convenience is certainly nice, a rewards program with cash back is a must as astute consumers are most likely not going to convert to this new method of payment without it.
There is a downside to being part of this brave new world. MCO requires a 6 month “lockup” period where customers must buy the required minimum amount of MCO coins and leave it frozen in their wallet before they can have access to it. The amounts vary anywhere between 50 and 50,000 MCO depending on the card chosen. They also have a low end card that doesn’t require a deposit, but that card doesn’t provide cash back.
Since MCO is also a cryptocurrency itself, it’ll be interesting to see what impact the lockup period will have on the price of MCO.
For those that are interested in learning more here’s a referral link that provides some extra incentive.
Investing in cryptocurrency is risky and highly volatile. Please be sure to do your own research before investing.