What is this Crypto.com?

Crypto.com was originally known as Monaco. Crypto.com is a blockchain firm that offers a mobile wallet app. It is also a company that offers the MCO Visa payment card, which allows users to buy, sell, trade and spend cryptocurrencies such as Bitcoin and Ethereum, as well as fiat currencies such as Dollars and Yen. Monaco spent approximately $10 million in June 2018 rebranding as Crypto.com.

The MCO token is the ERC-20 compliant cryptocurrency of Crypto.com’s payment platform.

Flags of rebellion may be raised against this Hong Kong-based project. It brings together credit cards and cryptocurrencies due to its famous Centra ICO. Both Floyd Mayweather and DJ Khaled were charged with fraud for promoting a bogus $32 million ICO in partnership with Visa and were fined $800,000, including themselves.

The Visa partnership was reinstated at the end of 2017, leaving serious havoc as retail investors fled the project. Even the announcement about the partnership faced some heavy criticism when it became clear how the card would actually work. But now things seem to be working out and some promises are actually being fulfilled.

MCOcard

Crypto.com

However, we must emphasize that Crypto.com is not Centra after all. We have to accept that Visa branded credit cards are a reality after all. In this context, they don’t just use cryptocurrencies to make payments. Instead, some MCO support thresholds must be met in order to reach higher card levels. When looking at the cards, think of the American Express Card, popularly known as the “Black Card” or “Amex Black”. These express a special connotation in the world of credit and debit cards.

We’ll go into a little more detail in the next section, but for now, all you need to know is that you’ll be spending fiat money with Visa-branded cards, as the law allows wherever Visa is accepted.

Crypto.com Advantages

In fact, Crypto.com also offers cardholders cashback, access to LoungeKey airport lounges, and a host of other services. Besides a crypto-friendly environment, it is legal like any other prepaid card.

As of the end of 2018, the purchase of cryptocurrencies with the cards of credit card banks such as Citibank, Bank of America and JP Morgan Chase is prohibited. Online services like PayPal are not friendly towards cryptocurrencies anyway. The fintech giant owned by Peter Thiel seems to be afraid of adopting cryptocurrencies for now, at least until it creates its own cryptocurrency.

So how did Crypto.com CEO Kris Marszalek, CFO Rafael Melo and CTO Gary Or navigate these rough roads to form Crypto.com? What are the chances of these high-profile domain and crypto-friendly financial instruments holding up in cryptocurrencies?

We’ll start exploring that answer with our review of the Crypto.com Visa branded cards’ cryptocurrency Monaco (MCO).

MCO Cryptocurrency

  • As of February 20, 15,793,831 of the MCO’s total supply of 31,587,682 units are in circulation. The MCO reached its highest price value on August 28, 2017. This value reached is $24.22.
  • 30% of the total supply of 31,587,682 was sold during the ICO. 25% is in the hands of the Monaco founders. 10% belongs to the company, 5% is given to consultants. 30% is kept as reserve tokens.
  • MCO mining cannot be done. Instead, as we will explain in more detail in the next section, payments made to Crypto.com Wallet and Card are given as collateral.
  • MCO is accepted on many popular crypto exchanges, including Bit-Z, Binance, Bithumb, Cashierest, OKEx, Upbit, Bittrex, ABBC and Huobi. With trading currencies like BTC, ETH and USDT, the MCO has a daily trading volume of $15 million.
  • As an ERC-20 token, it can be stored in any ERC20 compatible cryptocurrency wallet, including MCO, MyEtherWallet, and Trezor and Ledger hardware wallets.
  • However, only MCOs stored in the official Crypto.com mobile wallet take into account the balance requirements of the MCO Visa card. The Crypto.com Wallet and Card App is available on the Google Play Store for Android and the iTunes App Store for iOS.

What number of MCO (MCO) Coins Are There in Circulation?

The CRO Token empowers cross-resource go-between money repayment for the local Crypto.com Chain.

In Feb. 19, 2019, the MCO tokens had the market cap of more than $47 million. The pinnacle was accomplished in January of 2018 when it arrived at a worth of $243 million.

30% of the tokens were sold as a component of the ICO swarm deal, and 25% was kept by the originators, with 10% held by the organization and 5% given to consultants. The last 30% was held as save tokens.

How Is the MCO Network Secured?

With regards to the MCO Network security, Crypto.com got a US$100M direct insurance contract through Arch Underwriting at Lloyd’s Syndicate 2012.

All supports held in the hot wallets are corporate assets and influence equipment security modules and multi-signature key-age advancements. These are utilized to guarantee withdrawal demands.

The government issued money is kept at overseer financial balances that are gotten and completely managed.

Crypto.com likewise utilizes AWS, or Amazon Web Services, and as such has organization and web application firewall capacities, regulator encryption on the way through the Transport Layer Security, programmed encryption of the entirety of the traffic and business congruity.

It is vital to take note of that Crypto.com additionally has planned consistence and hazard the board officials who execute consistence arrangements and systems while likewise performing inner audits to guarantee that everything is in full consistence with the administrative necessities in general.

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