There are a number of problems facing the cryptocurrency world, hindering its progress toward mass-adoption by regular people all over the world – which is the ultimate goal of blockchain technology. Of those challenges, one of the most critical is the fact that crypto coins aren’t very easy to use out in the real world. There are very few commercially available options that allow us to spend digital currency on e-commerce sites or in brick-and-mortar stores. Monaco (MCO) is one of the current solutions to this obstacle (even though there is still a long way to go).
What is Monaco (MCO)?
The Monaco coin – not to be confused with MonaCoin (MONA) – is the official cryptocurrency of the Monaco Card: a debit card that’s directly connected to each user’s crypto wallet and can be used anywhere Visa is accepted.
While this special card is currently only available in Asian markets, it is pending approval in Europe and should be introduced in the United States relatively soon.
The Monaco Card, explained
Sure, there are already other cryptocurrency debit card projects currently in development that want to offer the same solution – there are even already cards, like Shift, on the market where users can spend Bitcoin (BTC) just like they would spend a Visa Card.
But the Monaco coin card has a ton more to offer its users than most (if any) of its current market competitors.
To begin with, you don’t need to pay for anything. There is no subscription fee, no shipping fee, no annual fee – nothing. You don’t even need to pay for the physical card. All a potential user needs is to own cryptocurrency (ETH, BTC or MCO) and they are eligible to sign up for a free account and card.
On top of that, there are multiple cards to choose from:
From left to right, they are called Midnight Blue, Ruby Steel, Precious Metal (the silver and pink ones), and – finally – the super rare Obsidian Black card. They are all made of metal except for the blue one.
Monaco Cards come with serious perks
Not only are all Monaco card options completely free of monthly, annual and shipping fees, ATM withdrawals and Interbank Exchange Rates are free – up until a certain point, when they cross over to 2% and 0.5%, respectively.
Some of the cards give you airport lounge access, and you can earn Monaco coin rewards (between 1% and 2% back) on every purchase.
The main differences between the more exclusive cards (the black, silver and pink ones) and the easiest card to get is how you get them: you need to hold a certain amount of MCO coins to qualify.
There is still a long way to go, though, as the company wants to get 10 million app downloads recorded this year – and they also want to get one million cards loaded and active by the end of the year.
It’s an easy card to get, and it will hopefully take cryptocurrency one step closer to mass adoption.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.