Monaco Finally Makes Progress Following Two Years of Development and Delays

Back in June 2016, Monaco made a bold statement of providing cryptocurrency spending at perfect exchange rates. However, it quickly lost customers’ trust after failing to close deals and significant changes in the product design, resulting in the coin’s value slump.  

Currently, the crypto market sees a rise of the MCO token for the first time after Bitcoin’s all-time high in December, when it reached $9.10 on Coinmarketcap. One of MCO’s highlights was almost $19 before the $4.75 price drop in early February.

At the Money 20/20 event in Singapore, Kris Marszalek, CEO of Monaco, commented on the unveiling of the new products. He stated: “Together, they form a complete suite of revolutionary financial products and position Monaco as the first global financial institution built on the blockchain, as well as a destination platform for anyone interested in cryptocurrency.”

Crypto analysts have been carefully following the troublesome path to Monaco’s release. In October 2017, the company was in the spotlight, following Bloomberg’s piece that debunked all Visa partnership claims. The partnership became a reality in November.

Alongside this, an unexpected change on the card’s roadmap caused MCO’s 40% crash – a key feature in the smart asset contract vanished. This made many cryptocurrency analysts, users, and experts believe that Monaco was a scam.

The environment of the cryptocurrency debit card industry remains challenging. The SegWit implementation makes on and off-ramps into Bitcoin through exchanges more cost-effective. Cardholders are expected to continue paying expensive taxes to allow the comfort of spending coins through traditional payment methods.