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MCO

What is MCO ?

Monaco (MCO) is a cryptocurrency that was renamed Crypto.com in 2018. It provides debit cards based on the blockchain and a mobile wallet application. It is essentially a payment token for blockchain-based apps and is traded under the ticker code MCO.

Kris Marszalek, Rafael Melo, and Gary Or founded MCO. Hong Kong is home to the company’s headquarters.

Primary features of MCO

  • MCO is built on the Ethereum ERC-20 standard.
  • MCO is primarily targeted at Crypto.com’s end customers, who may stake the token to receive larger rewards and cheaper rates.
  • Crypto.com was created in 2016 to empower everyone to take control of their money, data, and identity. It presently has over 1 million users and serves as a substitute for traditional financial services.
  • It is the first cryptocurrency business to be compliant with CCSS Level 3, ISO 27001:2013, and PCI: DSS 3.2.1, Level 1.

Is MCO a promising cryptocurrency?

According to CoinMarketCap, the currency now has a market capitalisation rank of 291. Its market capitalisation has been declining in recent months.

This is because Crypto.com is urging holders of MCO to convert to CRO. Crypto.com ecosystem will utilise a single streamlined token (CRO) with integrated functionality instead of two distinct tokens (CRO and MCO). All functions presently ascribed to MCO will be retained and expanded but will be represented by CRO.

How to use MCO?

  • Get partner advantages: Those who hold and stake a larger quantity of MCO get a better rate of return and have access to additional partner advantages.
  • Invest in more cryptocurrencies: The Earn function on Crypto.com enables users to invest in over 20 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Tether.
  • Earn interest: Users can earn between 2% and 6% each year, based on the type of tokens deposited, the number of MCO tokens staked, and the term of the earning contract signed up for.
  • Access premium cards: To access the premium card levels, one needs to purchase (or earn) the specified quantity of MCO and stake it.

Pros & Cons of MCO

Pros

  • They introduced their debit and credit cards in Asia and the United States by the middle of 2019.
  • MCO offered a Visa Card, a Mobile Wallet App, the MCO Token itself, and MCO Crypto Investing Services.
  • The MCO Visa prepaid card enabled consumers to quickly purchase and spend cryptocurrency, while the MCO wallet and cash app let customers manage and buy cryptocurrency on their smartphones in a simplified and efficient manner.
  • The cards featured free ATM withdrawals, tap-and-pay capabilities, no annual fees or minimum balance restrictions, up to 5% cashback on all domestic and international purchases, and free delivery.

Cons

  • Insiders could easily control this system because they own 95% of the currency.
  • Suspicious activity by Cypto.com is airdropping coins into customers’ wallets.

Trade MCO on CoinSwitch kuber

  • Simple and easy trading platform 
  • Start trading in MCO at Rs.100
  • Zero trading fees for MCO tokens
  • Invest and redeem MCO token easily

MCO ICO summary

The Monaco coin ICO was held in mid-2017. It raised $26.7 million in Ether (ETH).

FAQ's on MCO

  • What is the MCO coin?

Monaco, formerly known as Crypto.com, is a cryptocurrency exchange that trades under the ticker MCO. Crypto.com provides blockchain-backed debit cards and a mobile wallet.

  • How do CRO and MCO differ?

In addition to earning incentives, MCO tokens may be used to obtain quick loans. Using CRO tokens reduces transaction costs and pays additional tokens for completing transactions.

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Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

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Monaco is essentially a payment token for blockchain-based apps and is traded under the ticker code MCO.