Monaco Dev Update — Cryptocurrency in Every Wallet, Part 2

This week marks a significant step in Monaco’s journey of making cryptocurrency more accessible to the public en mass. A little over 3 weeks ago we unveiled a portfolio of five cards and we are now approaching close to 20,000 reservations. Thank you to all our supporters for making this possible!

These are the hard stats at time of writing:

Monaco Card reservations

Again, a huge thank you to all our supporters for making this possible. If you haven’t reserved yours yet, we encourage you to do so soon as shipping will be done on a first-come first-serve basis. We still have a limited number of our original 999 Obsidian Black cards available — get it via the Monaco App!

Monaco continues to push forward with a strategy of speedy delivery and user adoption. In our last update we made good on 2 out of 4 milestones for this year. In this one we will update on the remaining, plus a few extra announcements.

Card scheme approval

Our card approval program with VISA is going smoothly, however given the changing regulatory landscape things are taking a little longer than we had anticipated. Unfortunately this has forced us to push our timeline back by an extra month while our legal team works hard to finalize these deals. We remain 100% confident so please be patient while we complete this.

A note on our relationship with VISA:

As many have figured out already, Monaco is pursuing a more direct route to VISA approval than our competitors — through an associate membership rather than via a 3rd-party card supplier.

We are doing this because we believe this is what will give Monaco the advantage in an already competitive crypto-payments market.

We will have full ownership rights over the issued VISA cards.We will have rights to use the VISA logo in our own branding and on the card itself.We will have a closer relationship with VISA allowing us to more effectively handle customer issues ourselves rather than delegate to others.

This is the main reason that our card approval has been delayed, but we hope you understand the why the wait is worth it!

Card Distribution (beta)

The card roll-out (now slated for late October) will being with an initial invitation-only distribution to a beta test group, consisting of our first 800 card reservations. This will allow us to respond to issues with the card before the 0 day release later this year.

Hiring, Community

We have made significant strides in acquiring new team members, and even finalised the lease for a new office space in Hong Kong (we move on October 25 and will be sharing photos then!). We are going to be doing a proper announcement of our new employees over the next couple of weeks (their start dates are not till at least mid-November) but we can confirm now that we have hired two new engineers.

Please note; it is worth mentioning that we will be moving off of Slack next week due to the constant spam from scammers using Slackbot and direct messaging. We apologise for any inconvenience caused, and will be moving over to a new platform more suited to our use-case by Monday.

More updates on Monaco App to follow next week! Stay tuned.

Kris Marszalek Co-founder & CEO Monaco