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Monaco Unveils New Crypto Investment And Credit Products; Begins Closed Beta Testing Of Mobile App

Monaco Unveils New Crypto Investment And Credit Products; Begins Closed Beta Testing Of Mobile App

During the Money20/20 Asia conference, on Monday, Swiss cryptocurrency startup Monaco Technology revealed details of two new products it is working on, Monaco Credit and Monaco Auto Invest, as the company completes final preparations for the launch of the Monaco Visa Card and the Monaco Wallet App.

Monaco Begins Closed Beta Testing for Wallet App, Reveals Details of Investment and Credit Products

The mobile wallet is already available in closed beta and features both fiat and cryptocurrency wallets, a live cryptocurrency tracking dashboard, and Monaco University, a beginner’s guide to cryptocurrencies. When the app will be fully operational, it will allow customers to manage their Monaco Visa cards as well as buy and exchange cryptocurrencies such as bitcoin and ether at “perfect interbank exchange rates.”

Monaco Auto Invest, an automated cryptocurrency investment feature, will enable users to easily start a cryptocurrency portfolio with no minimum investment required, and no setup or withdrawal fees. Similarly to a robo-advisor, Monaco Auto Invest will use proprietary technology to provide customers with personalized portfolios based on their investment goals and risk profile. Users will be able to cash out and withdraw their investments any time, and “Monaco will never take money from deposits or losses,” the startup said.

Robo-advisors are digital platforms that offer automated, algorithm-driven financial advice or investment management online with little to no human supervision. A typical robo-advisor collects information from clients about their financial situation and future goals through an online questionnaire, and then uses the data to offer advice and/or automatically invest client assets.

Since the launch of the first robo-advisors in 2008, hundreds of platforms have emerged. Current world leaders in the space include US-based Betterment and Wealthfront, as well as Europe’s Scalable Capital.

Meanwhile, Monaco Credit will offer credit lines based on deposited collateral of Monaco tokens (MCO) or Bitcoin (BTC), with indicative levels of collateral value set at 60% for MCO and 40% for BTC, Monaco said.

“Monaco Auto Invest and Monaco Credit are the perfect extension of the Monaco Card and Monaco Wallet app. Together, they form a complete suite of revolutionary financial products and position Monaco as the first global financial institution built on blockchain, as well as, a destination platform for anyone interested in cryptocurrency,” said Kris Marszalek, co-founder and CEO of Monaco Technology.

Founded in 2016, Monaco raised US$26.7 million in its ICO last year. The startup is headquartered in Switzerland with offices in Hong Kong and Singapore.

https://coinjournal.net/monaco-unveils-new-crypto-investment-and-credit-products-begins-closed-beta-testing-of-mobile-app/

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