Published on May 26th, 2017 | by olcaytu2005
Cryptocurrencies for everyone: Meet Monaco
I am pretty sure every crypto enthusiasist have faced the same problem when they are trying to explain the aim and use of cryptocurrencies. You just can’t explain what to do with them. Ofcourse there are other problems like volatality and liquidity, but the real world use is the main way to get to average Joe. The only way for cryptocurrencies to be acknowladged worldwide is through average Joe. When average Joe decides to invest his life savings to crypto, cryptocurrencies will truely be monetary units. I guess everyone can imagine the total marketcap by than. Visit http://Mona.co now or keep reading the article and I’m sure you will.
The major competitor of cryptocurrencies today are credit cards. They are in some terms as virtual as cryptocurrencies. The transaction speeds are improving each and everyday. On the other hand, cryptocurrencies with faster transaction times are increasing in value, as the speed determines the usability a lot. Why don’t you take best of the two worlds and combine them in a single project? Well, if you have thought the same things as I did, you are reading the right article. A project called Monaco, which just began it’s crowdfunding campaign links the world of credit cards and cryptocurrencies.
What is Monaco?
Monaco will be issuing debit cards that can be loaded with Bitcoin & Ethereum, two of the mainstream cryptocurrencies. Monaco card holders will be able to spend their Bitcoins and Ethers with out worrying about market liquidity or without the hassle of selling their coins on exchanges for cash. They will directly be able to buy anything they want, just like they do with a regular debit card. All they have to do is to load their Monaco Card with either Ethereum or Bitcoin.
What are the advantages of Monoca Card besides saving you from worrying about liquidity and exchange/withdraw problems? Well, Monoca Card also saves you from exchange fees, which are fairly high these days. With Monaco App, users will be able to send Bitcoin or Ethereum to each other directly, which potentially could be used with the debit card linked to that particular App. Monaco will be adding more currencies, mainly ECR20 tokens in the future. This will be announced on June.
Monaco team claims that they will save their costumers from interbank fees. With secure and cost efficient transactions provided by Monaco platform and backed by Visa, costumers will be able to save $30 to $40 dollars for every $500 they spend. These features set Monaco aside from its competitors as they rely on excessive exchange fees. Needless to say, avarage Joe will adore the idea of spending his Bitcoin or Ethereum directly from his debit card. The Monaco Debit Card is usable almost everywhere since everyone is accepting Visa. It will be used worldwilde, at least at 120 countries. The transfers between Monaco costumers will be absolutely free. Costumers will be able to create their profile on the mobile app and link their credit cards. Monaco will become official Visa partner and you will also be able to charge back to your debit card, as you do with other debit cards.
MCO holders, which will be the subject of the crowdfund, will get profit shars. Each swipe charges %1 to Monaco and token owners will be able to get shares according to MCO they hold. Fiat swipes will be free of charge. Monaco team predicts at least 5 million users in a couple of years.
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Mona.co company based in Zug, Swithzerland, where almost all the reliable projects on Ethereum have emerged so recently. They also have departments in Hong Kong and Singapore. The Monaco App is being developed in Hong Kong.
Here is a little info about the founding team:
- Gary Or – CTO – 9 years full stack engineering experience, heading Technology & Product Development
- Bobby Bao – MD – ex-investment banker with China Renaissance – running our China operations
- Kris Marszalek – CEO – serial company builder, ran and sold startups, ran an ASX-listed co
- Rafael Melo – CFO – ex-Mastercard, heading our Finance, Compliance, Risk & Treasury functions
The token sale is active! Visit http://Mona.co to invest in this awesome project. You can have a last look at the whitepaper to be sure.
Here are the details of the crowdfund campaign:
30% – ICO investors
25% – Founders
10% – Expenses such as salaries
5% – Advisors
30% – Special MCO fund
ICO funds will be used as:
35% – R&D and Product Development
20% – Marketing and Customer Acquisition
15% – Initial Capex, including costs of e-Money licenses
30% – Working Capital
Monaco aims to collect 150,000 Ethereum. As you can see above, total sold MCO to investors will represent the total %30 of all MCO’s issued.
You can visit Monaco slack if you are more questions: https://slack.mona.co/