Bullshit detector: what's happening with Monaco after ICO?
09/23/2017

Overview from the team kript.io


What is Monaco: a platform for crypto debit cards based on Visa payment system.

The developers promise that the customers will be able to pay by cryptocurrency and cash everywhere around the world where Visa operates. The payments are automatically converted into the currency you want at the interbank rate, which is more profitable — by 5-8%.

There is no any confirmation of the cooperation on the Visa website. As the team says, they are still negotiating with the payment system.

There will be five cards in total. One is free, for others, you need to pay — from 50 to 50 thousand MCO tokens. They don't charge for service, but each card has a limit on interest-free cash withdrawal and transfer.

You can get these cards only after registration in Monaco app. To sign up, you need to provide an email, a phone number, and a scan of your passport, driver's license or ID. The developers promise to deliver cards for free and to anywhere on the planet, but they haven't asked for the addresses yet.
Website: mona.co

Token trading: 3rd July 2017.

Where to buy tokens: Binance, Bittrex .

Token price:
+251%.

How much they planned to make/made: $13,5 million / $26,7 million.

What their token gives you:
an internal currency. You can buy cards only by their tokens; the cashback is also credited in MCO tokens.

What will happen to tokens: Monaco is planning to burn them so that the number of tokens decreases and the price goes up.
What they promised/made:
trade MCO tokens at the largest crypto exchanges — ✔️
release the Monaco app on 31st August — ✔️
start sending cards to users from 31st August — ✖️
Review after ICO:
at the end of August, the developers removed from the official website a white paper, all information about an ICO, and their partnership with Visa. The white paper is outdated, as they say, and now the team is working on a new one. You can read this lost document on the website of Wayback Machine.
The situation with Visa: there is no a contract yet so they can't use their trademark. But in fact, it didn't stop Monaco from using Visa's logos during the pre-sale and the ICO;

it's a bit difficult to get reliable information about Monaco. They communicate only in Slack and Telegram, but these are the chats where you hardly find any messages from the company's representatives. However, in Slack, you can sort out the messages from the CEO by typing in "from:@kris".
On Twitter, the developers only advertise their cards. There is also one article published on 31st August on Medium about an official release of the app. Many think that the project is a scam due to the lack of information;

as they promised, on 31st August Monaco has released the application where you can reserve a card. They received more than 10 thousand applications within two weeks.
On the same day, 31st August, the developers planned to send the cards to the early-birds, they haven't sent any so far: negotiations with Visa are still going on. They ensure that Monaco will get a partnership in September, the new date for sending the cards is October;

the plan is to earn 1,5-2% from each transaction. They will start from Asia, in Q4 — Europe, and by 2018 — the U.S. According to the White Paper (on Wayback Machine), the developers planned to attract 281,5 thousand users and make $6,2 billion in the first year.
Communication: slack, telegram, twitter, bitcointalk, medium

Content kript.io
Share with your friends if you like our overview in telegram
Made on
Tilda