INFORMATION TECHNOLOGY | Staff Reporter, Hong Kong

Monaco eliminates forex fees with blockchain

In addition to enabling cryptocurrency transactions, app users can send fiat currencies for free and in real time.

Spending money may already be a breeze, but four guys found the perfect way to save up to $40 per $500 money sent globally. Startup Monaco has pioneered its way through the complex world of cryptocurrency by allowing users to buy, exchange, and spend cryptocurrencies such as bitcoin and ethereum at perfect interbank exchange rates.

Founded by CEO Kris Marszalek, CFO Rafael Melo, CTO Gary Or, and Managing Director Bobby Bao, Monaco aims to become the card of choice for consumers, replacing their current debit or credit card. According to Marszalek, Monaco App users will have the ability to buy and exchange cryptocurrencies, as well as send currency (both crypto and fiat) to each other for free and in real time with funds being available to the recipient instantly and accessible through their Monaco Card at ATMs and POS globally.

The Switzerland-based company, with offices in Hong Kong and Singapore, has recently rolled out its Monaco Visa Platinum prepaid card crafted with metal composite. To date, Monaco raised USD26.7m and is being rolled out in Asia, Europe, and North America. Marszalek said that they are bidding to build the first global blockchain financial institution and consumer brand. In fact, its Initial Coin Offering (ICO) in May 2017 placed the startup in the Top 10 Token Sale Events of 2017 at the time.

All Monaco founders bring extensive expertise to the table, with backgrounds ranging from entrepreneurship to operational experience, product design and architecture, and TMT investment banking. Marszalek has a track record of being able to grow his companies twice from USD0 to USD100m in revenue.

“Monaco strives to put cryptocurrency in every wallet. We believe firmly, that the size of blockchain wave in terms of disruption and impact is going to be as big as the internet wave and smartphone wave itself. With compliance and customer experience design as its two strongest foundations, Monaco is perfectly positioned to ride this massive wave and become a globally respected consumer brand in the process,” Marszalek said.

Monaco’s mantra is to develop an emotional connection with its clients, and grow its offering to a very small number of high-impact financial products that are simple, honest, and useful in terms of improving people’s lives. “We are the serious guys in the exciting, intriguing, and sometimes controversial world of cryptocurrency. We choose to be measured, plan very well, and execute furiously. There is little to no space for crazy stuff when you want to roll out a financial product globally,” Marszalek added.

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