Founded in 2016, Monaco aims to roll out a world-wide cryptocurrency and fiat prepaid card, beginning with Asia. The prepaid card will allow users "to buy, exchange and spend bitcoin and ethereum at perfect interbank exchange rates".
On October 31, Monaco announced it received green light by VISA to launch its cryptocurrency prepaid card in Singapore.
To fund its plan, Monaco held a Token Sale event in 2017 on the Ethereum chain. The event was one of the most successful to date and the company raised over US$26.7 million (70,000 ETH) during the crowdsale.
The MCO token has been listed on major crypto exchanges since. According to the company, Monaco card owners will get up to 2% MCO Token cashback on all transactions they do.
MCO holders can exchange their tokens for other cryptocurrencies or fiat money but they will not be able to spend them directly through their cards.
Monaco is headquartered in Switzerland with operations in Hong Kong and Singapore.