Cryptocurrency and financial services firm Monaco has rebranded to Crypto.com and has bought the website for an estimated price of up to $10 million. Crypto.com is known for its cryptocurrency VISA debit cards which users can buy by staking their MCO tokens for set timeframes.
The website was registered in 1993 by Matt Blaze, who sits on the board of directors of the Tor Project. He had initially turned down all offers to buy the site due to principles, not money, according to TechCrunch. Experts told The Verge that the site may have cost as much as $10 million dollars due to popular demand but the actual amount was undisclosed.
Kris Marszalek, Co-Founder and CEO, said: “Crypto.com gives us a powerful new identity in line with our original vision to put cryptocurrency in every wallet. As the name we’re taking on is also representative of the entire space, it comes with a huge responsibility to carry the torch. We will strive to deliver impact worthy of the name and build infrastructure that enables growth of the ecosystem, delivering on the promise of a decentralized future.”
Crypto.com also released the MCO Whitepaper 2.0 on July 6, which contains details of their financial services built on blockchain technology. The CEO said that these products will change how money is spent, moved and invested. However, this progress may be limited for now as Monaco are required to change cryptocurrencies into fiat when the money is loaded onto the card, not at point of purchase.
On the same day, Crypto.com unveiled its new MCO Visa Card portfolio and MCO Private service which includes three new card offerings: Icy White, Jade Green, and Royal Indigo. Each card requires users to hold a different amount of MCO and provides them with rewards such as airport lounge key access or a crypto concierge.
Marszalek said: “We’re pleased to introduce our updated portfolio of MCO Visa Cards along with a full suite of services, including an exclusive cryptocurrency concierge service, MCO Private.”
Recently the team was in Singapore testing the first batch of operational cards to make sure they work in all scenarios, such as PoS (chip), PoS (magnetic stripe) and e-commerce. In two videos, they show successful transactions in restaurants and at shops.