Monaco Visa Card Controversy. Is Monaco a legit VISA card?
What is Monaco?
Monaco is a cryptocurrency startup (with an ICO to go with) that will supposedly help bring all your crypto funds together into one dashboard AND tie a physical plastic card to your account. That way you’d be basically paying for goods using your Bitcoin or Ethereum anywhere VISA® cards are accepted. Is that really so?
Does Monaco really support VISA?
No. The Monaco website has promotional images of generic plastic cards, without any VISA® or MasterCard logos:
HOWEVER, it seems like at the original launch of their weibsite and the initial promo campaign DID brag of the VISA® cards:
1. “Monaco Card will work on the VISA® network, giving it world-wide acceptance.
Kris Marszalek, Founder of Monaco Technology, commented: “The team worked incredibly hard over the last year to bring the Monaco VISA® Card & App to the market. It’s a beautifully simple product that allows users to avoid all the bank charges and currency exchanges impose on them. We believe that every single person who holds Ether or Bitcoin needs one. It brings amazing value, transparency and peace of mind. You’ll never have to worry about exchange rates again, always getting the best deal physically possible. It’s an incredible feeling!”
2. Monaco Technology GMBH, the company behind the revolutionary Monaco VISA® Card and App, announced the world’s first Cryptocurrency Cashback program today. Holders of Monaco VISA® cards will be entitled to up to 10% instant cashback rewards at participating merchants.
3. Monaco is a new Ethereum and Bitcoin debit card based on the VISA® circuit to spend and convert your bitcoin, ether (and soon other ERC20 tokens) on the fly.
That was all in May & June, but at the onset of the fall there is NO mention of VISA® anywhere on their site except for in the previous workplace of Brent Diehl from the advisory board.
Looks like the startup is not going to operate on the VISA® network which is a game-changer for both users and investors.
Users on social media have noticed that Monaco is suddenly no longer advertising itself as a “VISA® card”. The common sentiment can be summed up quite simply in this way:
— 뉴타입짱짱짱 (@zzgkgk12) August 31, 2017
Monaco’s CEO, Kris Marszalek has actually engaged in a Twitter debate with one of the discouraged investors, but even he failed to answer a direct VISA®-related question:
1) Monaco is not selling a single token 2) we addressed the leak instantly and publicly 3) read our dev update & make informed decisions
— Kris Marszalek (@Kris_HK) August 31, 2017
Nevertheless, Kris’ LinkedIn page states Monaco DOES work with VISA®:
…despite that, on August 30th Kris stated images of cards with VISA® logo on them were …leaks of another site version:
This is NOT the final version of the Monaco website and Visa has not approved our program yet – we are investigating this leak now https://t.co/Kj41bpADi6
— Kris Marszalek (@Kris_HK) August 30, 2017
Monaco app launch
August 31 2017 is the day when Monaco app goes live on Google Play store (not a single VISA® mention) So far their Ethereum-based token $MCO is not having a good time with all the weird launch-day publicity surrounding the VISA® support:
What’s the big deal about it all?