Formerly known as Monaco, company Crypto.com branded as MCO is offering a number of solutions in payments including MCO visa card, MCO wallet, and MCO token embrace. The card can be funded with cryptocurrency and enables the user to complete the everyday purchases they would with their normal Visa card. Cryptocurrency coins are manually converted to fiat currency before transactions are made. The card has not been properly launched yet with waitlists in Europe and Asia.
One of the big drawbacks to this card is users must first purchase MCO tokens in order to get the card delivered to them. This adds another step of complexity to the process. Those that are in the prepaid card industry with cryptocurrency funding are typically looking to provide convenience to the user in exchange for a cost to the user. MCO is also not listed on any of the major fiat-to-crypto exchanges meaning that most users will have to acquire the token through a crypto-to-crypto exchange by trading bitcoin for it.
The fees to use to the card are quoted to be much lower than competitors which a key selling point for the card. They also have a world class team and partnerships such as Thomson Reuters helping with KYC/AML compliance. The company also aims to start providing credit to those who have at least $10,000 in MCO coins on the exchange.
- Lower fees than competitors
- World class team and partnerships
- MCO tokens are needed to acquire the card adding complexity to the process
- The card is not implemented properly with waitlists across Europe and Asia