Crypto.com Purchased by Monaco Crypto Visa Card For Millions
The highly sought after domain name Crypto.com, has been sold to Monaco (MCO), a cryptocurrency project that works with debit cards, for an undisclosed amount which could have cost over $10 million dollars.
The domain name was registered in 1993 by Matt Blaze, an important professor at the University of Pennsylvania, and part of the board of directors of the Tor Project. As a computer and information science professor, he received several proposals to sell the domain in the last years, but he refused them all.
Cryptocurrencies expanded all over the world, and the domain could be very important for some companies working and operating in the space.
Back in January 2018, Mr. Blaze said that the domain was not for sale and that companies or people shouldn’t contact him to buy it. Now that we are in July, the reality is totally different, and the site has been sold for a large amount of money. Kris Marszalek, CEO of Monaco, did not give details on the transaction or the agreement.
Monaco’s ICO ended in June 2017 and it is based in Hong Kong. The company was able to raise $25 million dollars in cryptocurrencies. At the moment, the company explained that it has close to $200 million dollars on its balances. The difficult thing about the deal behind the domain was to find a good home for it.
About it, Mr. Marszalek commented:
“This is a very powerful identity that we are taking on. It’s representative of the entire category so it comes with a huge responsibility on us to carry the torch. We don’t take it lightly and this is one of the things that I think we conveyed successfully, that, as a company, we do have a higher purpose.”
He has also said that blockchain and cryptocurrencies will enable to control their money and that the company wants to accelerate adoption of cryptocurrencies. The purchase of the domain is part of a rebrand for Monaco, that will see the parent company become Crypto.com.
The Monaco card entered testing for small groups of users, including the MCO team, and it may be available in Europe and Singapore this summer. At the same time, in the United Kingdom the service may be available in the last quarter of the year.
The company has decided to add some perks, including cashback on some transactions and a concierge.
Each MCO token can be purchased for around $7 dollars, which is not cheap. The top of the range known as ‘Obsidian Black,’ has the highest rate of cashback and perks, but it requires customers to hold over $350,000 in MCO tokens.
In the future, according to Marszalek, the company will be introducing lending that uses crypto as collateral, a low-rate credit service and other interesting features.