Monaco, a cryptocurrency payment platform, has announced that it is launching a pre-paid card in Singapore based on the VISA gateway.
There will be five categories of the prepaid card to choose from and users in Singapore can download and register for it using the Monaco app. The card will be accepted by the merchant on the VISA platform.
Also, before the transactions go on the VISA network, Monaco will manage all cryptocurrency to fiat conversions.
Kris Marszalek, co-founder and CEO of Monaco, said: “Our team has worked incredibly hard over the past year to achieve this milestone. This is an important step towards Monaco’s vision to introduce cryptocurrency to the mass market.”
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He added: “We believe that the Monaco card program lays solid foundation for Monaco’s growth, and we’re grateful to all partners for their support. The demand for the Monaco Visa prepaid cards has exceeded our expectations with over 17,000 cards reserved, based on word of mouth alone. With perfect interbank exchange rates, and 0.75 percent cryptocurrency cashback on all transactions, the Monaco Visa prepaid card will become the card of choice for consumers. More perks will be added over time to turn the Monaco Visa prepaid card into a dominant force in payments.”
On the 17th of May, Monaco first announced the possibility of offering a VISA branded payment card, but it did not have a deal with VISA then. Later in August 2017, while launching the new mobile app, Monaco didn’t mention VISA at all.
This ultimately attracted a lot of critics as the market cap of Monaco rose 695% over the rumors of its tie with VISA.
The VISA deal will allow the digital currency to be accepted at the 44 million merchant locations registered with VISA. But unlike cryptocurrencies, payment networks and financial institutions are required to follow know-your-customer rules to prevent money laundering and funding for criminal activity.