Monaco Technology GMBH has revealed its Monaco VISA® Card and App following a year of stealth development. Besides traditional funding sources, Monaco can be funded with bitcoin, ethereum and other ERC20 tokens. Monaco allows users to spend and send money globally at interbank exchange rates, saving EUR30-40 on every EUR500 equivalent spent. Monaco Cards will work on the VISA® network, for world-wide acceptance.
Kris Marszalek, Founder of Monaco Technology, commented: “The team worked incredibly hard over the last year to bring the Monaco VISA® Card & App to the market. It’s a beautifully simple product that allows users to avoid all the bank charges and currency exchanges impose on them. We believe that every single person who holds Ether or Bitcoin needs one. It brings amazing value, transparency and peace of mind. You’ll never have to worry about exchange rates again, always getting the best deal physically possible. It’s an incredible feeling!”
The Monaco App features: free global transfers in 23 currencies to 120 countries at interbank exchange rates; free and instant transfers between Monaco users, with the funds being immediately available to the recipient and accessible with their Monaco VISA® Card; and account opening via mobile app in under 3 minutes.
Alongside this, Monaco has announced its ICO, starting on May 18th. The Company targets contributions of 150,000ETH to fund customer acquisition goals and further product development. Blockchain community members who participate in the Monaco ICO will receive MCO tokens in exchange for ETH contributions. As MCO token holders, they will have a stake in the MCO Asset Contract.
Marszalek stated: “In an industry that has a reputation for being opaque, we stand out with our mission: to build simple and honest ﬁnancial products that improve lives. This starts with how we develop the products, how transparent we are about pricing and is reflected in how we structured our ICO. We’re fundamentally against the current industry practice of hyping-up ICOs for weeks, only to launch them and close in 30 minutes. Pre-sale discounts are not allowed in the Monaco ICO, giving all contributors a level playing ﬁeld on May 18th. In case the demand exceeds supply, the Company will continue selling tokens for another 7 days, to ensure fair and broad distribution of tokens and to improve potential secondary market performance of the MCO Token.”
Every time Monaco VISA® Card users spend their BTC, ETH or other ERC20 tokens, Monaco will charge a 1% software license fee. All these fees will be automatically sent to the MCO Asset Contract. Over time, as Monaco users spend on the platform globally, the value will accrue in the MCO Asset Contract.
Marszalek explained: “A small license fee seems reasonable, as users are saving 5 to 8 times more on every transaction with Monaco VISA® Card. Monaco forecasts that with transaction volume growth and appreciation of the ERC20 tokens over the next 5 years, the value of the MCO Asset Contract may reach US$500MM.”
Limited Edition Monaco VISA® Black Cards numbered 001 to 999 will be issued to participants of the MCO Token Sale. Black Cards numbered from 001 to 499 will be assigned to Top ETH Token Contributors. Black Cards numbered from 500 to 999 will be assigned to the fastest contributors, based on the time stamp of their ETH contribution. The Black Card Leaderboard will be available on the website and will update automatically in real-time during the MCO Token Sale. The person who contributes the highest number of tokens in the ICO will be rewarded with the Monaco VISA® Black Card Number 001 and will receive a bonus 188,888 MCO Tokens from the Monaco Founder’s Pool. The 188,888 Bonus MCO Tokens will not be subject to a lockup period.