Monaco purchased Crypto.com in 2018 and carried out a successful rebrand and continued to thrive with the release of a new and exciting product. Crypto.com offers a seamless mobile wallet app and its prepaid MCO visa prepaid card is used by people to buy, sell, trade, and spend cryptocurrencies such as Bitcoin and Ethereum, and fiat currencies like dollars, euros and yen.
Crypto.com MCO Platform
Crypto.com is building its services on the MCO platform. It seeks to solve the problem of accessibility and usability faced by the wider blockchain community. They do this with their standout product: the MCO Visa Card. This card fulfills the plan of Crypto.com to link a Visa card with cryptocurrency accounts, enabling users to make daily purchases with cryptocurrency at points where Visa is accepted.
Crypto.com not only offers the Visa card, they also have on offer the MCO wallet app and the MCO token. The most recent addition is Crypto Invest, which allows for easy crypto investments. Other products such as Crypto Credit gives users an MCO token- based credit line to hold as collateral and MCO private offers unique products and services for high net-worth individuals.
The MCO Visa Card
Crypto.com offers a portfolio of MCO Visa Cards ranging from Obsidian Black which requires a 50,000 MCO stake, to the Midnight Blue which does not have any staking requirement. Users can seamlessly spend cryptocurrency at over 40 million retailers accepting Visa globally by using their MCO Visa card and using their MCO wallet to settle the card balance.
Crypto.com started to ship its MCO Visa Card in Singapore in October 2018. In November 2018, they subsequently announced their partnership with the Metropolitan Commercial Bank to roll out the MCO Visa Card program in the United States.
The list of benefits for card holders is just as good as with some other Visa rewards cards. Users can enjoy using a Visa card without spending any annual fees, get free shipping, and receive up to 2% cashback on purchases. Select cards get unlimited access to airport lounges.
In addition, users can make expenditures overseas and receive interbank exchange rates. With their Platinum Reward Program, users can get up to $10,000 sign-on bonuses!
MCO Wallet App
Crypto.com released its mobile wallet app on August 31, 2017 to a positive reception. By combining the Crypto.com Wallet with the Card app, users can purchase Bitcoin, Ethereum, Litecoin, Ether, Binance Coin, Ripple, MCO tokens and USDM to hold as investments or to use as forms of payment.
MCO Crypto Invest
Crypto.com launched Crypto Invest, a new service for eligible customers in October 2018. This is a cryptocurrency portfolio and trading tool that makes investing and trading in cryptocurrencies simpler. Users can create their own customized portfolios and trade automatically based on market signals.
Crypto Invest is different from other products in being not only a basket of cryptocurrencies but a set of trading strategies that perform in any market. It is great for those who have just started building their crypto investment portfolio, since users can get started with as little as $20.
MCO Credit Services
Another feature that will be released in the future is MCO Credit Services. This is a revolutionary product that allow you to get the credit you need by staking MCO tokens. A stake of MCO tokens worth $10,000 can get you a credit line of $6,000.
Unlike with traditional credit cards, there are no statements and zero minimum payments. Credit advances can be paid off as you like. If you are not able to do this or don’t wish to, your debt will be paid off with your MCO tokens.
MCO Token
The ERC20 MCO is the utility token that powers the Crypto.com ecosystem . It was issued in an ICO crowd-sale that was held in June 2017. 26 million USD was raised by the first issue of the MCO tokens.
MCO is an ERC-20 token, which means it can be stored in any ERC20-compatible wallet. However, balance requirements to qualify for an MCO Visa card is based on how much is stored in the official Crypto.com mobile wallet.
In order to earn rewards on purchases, stake and pay for referrals, MCO is used in the ecosystem. MCO follows the rest of the market and peaked back in August 2017. Since that time, they have followed the rest of the market as 2018 entered bear territory.
MCO is accepted in a number of popular cryptocurrency exchanges which include Binance, Bit-Z, Bittrex, Cashierest, Bithumb, OKEx, Upbit, ABBC, and Huobi. Daily, an average 10 million USD worth of MCO tokens is traded with trading pairs including BTC, ETH, and USDT.
Crypto.com Chain
Crypto.com announced the launch of the Crypto.com Chain. This is a high performing native blockchain solution that allows merchants and users to complete transactions in crypto. The Crypto.com chain has its own token which is CRO. The Crypto.com chain supports the Crypto.com pay solution, which is a decentralized cryptocurrency payment solution that is built on blockchain.
Crypto.com announced in December 2018, that it has signed a Memorandum of Understanding (MOU) with Ledger, a crypto security and infrastructure solutions provider to become the first merchant to use Crypto.com Pay on their online store.
Crypto.com also announced it signed a Memorandum of Understanding (MOU) in January 2019 with a sneaker e-marketplace called YSNEAKERS to implement Crypto.com Pay.
Conclusion
The rebrand of Crypto.com to Monaco has been more than just a name change. Although it's ERC-20 token still bears a reference to its predecessor and is duly named MCO, the company has sustained efforts at delivering MCO Visa Cards to different types of cardholders. They have followed this up with the introduction of initiatives such as the Crypto Invest product.
Their wallet is multi-functional and supports buying, selling and trading of fiat and virtual currencies. They plan on issuing prepaid debit cards linked to wallet balances which can be converted to currency inside the wallet before spending at a merchant. The wallet and the card app can be used on both Android and iOS devices and users can monitor crypto markets, engage in crypto coin trading and exchange fiat currencies at low fees.