Whether you are new to cryptocurrency or a seasoned investor, you have probably realised that it is important to research any projects before investing in them… The main question you need to answer first of all is “is this project a scam?”. You are probably here because you want answers to the question “is Monaco a scam?”. Rather than make you go away and do your own research, we have done it for you.
Is Monaco a Scam?
The Monaco Scam Debate:
You may have seen in the news recently the stories surrounding Centra, and how the founders have been found by the SEC to have made numerous false claims. One of which was their supposed debit card which they claimed to have been backed by both Mastercard and Visa. This has led to questions about other similar projects offering cryptocurrency cards, one of which being Monaco.
Another reason could simply be the time it is taking for Monaco to release the cryptocurrency app and their Visa cards. As with any project they have laid out some clear targets but as with any investors they want to see visible results being provided.
Finally back in January Visa announced that they were to be dropping one of their cryptocurrency card providers for breaching their regulations. This turned out to be a company called Wavecrest who provided the cards to a number of different cryptocurrency based projects whom offered a debit card service. Monaco was not one of these projects. but it did leave investors and users wondering how this would affect Monaco.
Clearing up the rumours
Monaco Visa partnership
Back in September Monaco announced they are an approved Visa program manager
Being a Program Manager makes us the owner of the card program which enables us to manage the marketing, distribution, KYC/AML, customer support and all other operational aspects of the card program, including working with a processor on transaction authorisation and processing. Being a Program Manager is different from being a Card Issuer as the latter is responsible for meeting local regulatory requirements and settlements to VISA. – Yvonne Kua
Around the time Monaco applied for this there was a leak which eventually led a number of rumours to go round saying they had been declined… However, you can see confirmation that the Monaco Visa partnership is not a rumour. To be clear on the Monaco Visa partnership… Monaco are now an approved visa program manager.
Back in January we reported that Visa had ended their relationship with Wavecrest. This had a huge impact on a number of different cryptocurrency projects who offered a debit card service, which linked to their cryptocurrency wallets. Monaco was fortunately not one of the list who were affiliated with Wavecrest. However, due to the nature of the story this did lead investors and users to question how and if this would affect Monaco.
We can confirm that Monaco’s relationship with Visa has not been affected as a result of this and as it stands Monaco is still planning the roll out of their Visa backed cards at some point this year.
What is happening with the Monaco Cards
Monaco have been relatively quiet on actual progress, and some investors are beginning to question what progress they are actually making. Their roadmap is available to see on their website or through the mobile app. However, the roadmap does not actually indicate time scales as to when these updates will take place.
Monaco have recently announced they will be launching a closed beta test of their cryptocurrency mobile app…
We are excited to announce that we have begun closed beta testing for our wallet app, along with details of our investment and credit products. We are kicking off Money20/20 Asia with a bang! #cryptocurrency #fintech https://t.co/xIoMC954Ct pic.twitter.com/9AnRWC9YQS— Monaco Card (@monaco_card) 12 March 2018
Although we do not have a guaranteed date for either the app release, or roll out of the cards, it seems most likely that the cards will link up with the app and we can expect to see the cards being sent out after the official cryptocurrency app is released. The app will be released once they can confirm it works without any bugs. Hopefully this is soon but as with any project these things take time and the fact that they are taking this time should be an encouraging sign rather than a worry. It demonstrates commitment to getting things right the first time around.
Monaco updates so far
We know that Monaco are approved as a Visa program manager, but what else have they achieved to date?
Partnership with Gemalto
It is common knowledge that Monaco will be releasing Visa debit cards at some point in the future… But Monaco have already secured a partnership with Gemalto to produce metal cards. Gemalto are one of the the largest producers of debit cards and SIM cards worldwide. The card will offer high security features as well as being available in a range of different styles and colours.
“By partnering with Gemalto, we are able to produce a highly functional yet beautiful product that users can be proud to use and display at the top of their wallets as their go-to cards.” – Kris Marszalek, Co-Founder and CEO of Monaco
Brining on board a highly successful team
Back in December Monaco announced they had hired for four key positions within the company; COO, CCSO, CMO and a Platform Architect. However they are also advertising a range of other jobs currently on LinkedIn, so if you are interested in applying it may be worth checking out. This is another positive for investors as it demonstrates they are looking to expand their operations and would be harder bringing new members on board if they were not intending to follow through with the project.