What Is Monaco (MCO) And Why Has It More Than Doubled?
Just after the announcement of Bithumb listing, Monaco (MCO) more than doubled in price. It is a move not seen in any digital currency since the markets cooled off in February and March. The news is official as stated in Bithumb twitter handle. The tweet said,
“We are pleased to announce $MCO’s listing on @BithumbOfficial, one of the top 10 cryptocurrency exchanges globally, today. To demonstrate our commitment to the Korean market, we now have a Korean website (https://t.co/Q4Vx1bIfTs) and community channels.”
Monaco is opening up to the Korean market making it reach above the $13 mark. The announcement made the coin hit a record and paved a whole new path for the asset. The currency is still halfway to its last achieved BTC prices, however, with its prices doubling overnight, it will take less time.
The recent price move for MCO is dramatic as the currency traded below the $5 mark in March and early April. The listing on Bithumb may also have its negative impacts since the crypto market is volatile and even a new listing may trigger dumping.
Singapore Visa and Monaco tokens
The primary objective of Monaco platform is to contribute towards the adoption of crypto debit cards. With this in mind, the currency is using an approach of making assets in the crypto sector to be more scalable and secure to use by introducing crypto debit cards.
The ideas made the platform to partner up with Singapore Visa to provide an excellent platform for issuing Visa-branded debit cards. The Visa-branded debit cards will be available for usage in Singapore. Monaco also received official approval from the Visa representatives for issuing the Visa-branded cards.
Moreover, the partnership would enable them to find a way of crossing between the usage of traditional fiat currencies, digital currencies, and digital assets.
Beware of scam
Monaco posted in the twitter handle about the recent scams related to the token and wallet. The fraud was about the platform issuing ETH. Monaco platform rejected this and went ahead and posted it on their Twitter handle. The tweet stated,
“Please beware: We are not giving any tokens away. Please secure your tokens. They are many scams running out there.”
For the Monaco card holders, this is vital information. Take note!
Future of Monaco coin
The digital coin is doing exceptionally well in the crypto market for the past few days. One of its most significant gains was attaining the record of 101% in just a short period.
The first recipe for its profit is being listed on one of the significant exchange markets. The listing makes MCO more visible, accessible, and attainable.
The listing is the latest progress for Monaco and made its value in the market to increase at around 60% against the dollar. By Monaco receiving approval from visa representatives, causes the digital currency to find its way of converting traditional fiat currencies to digital currencies.
The approval also enables the coin to bring mass adoption of crypto debit cards. With the latest developments, Monaco (MCO) is more likely to enjoy the fruits of their hard labor in the time to come.