What is Monaco and why is it doing so well?

Monaco (MCO) has been killing it recently in terms of price increase. Marketed as the world's best cryptocurrency payment card, the cryptocurrency has increased over 670% over the past 2 weeks and over 125% in the past 3 days alone.

Currently sitting at around £17 ($22), the new cryptocurrency VISA card which supports payments for a range of different altcoins has seen unbelievable success considering the ICO began just over 3 months ago on the 18th May 2017, finalising the token sale on the 18th June 2017!

Launched on the Ethereum platform, the token was initially available to buy at an average rate of 123 MCO per ETH, which at the launch price works out at around £0.5 ($0.65) per MCO token.

Not a bad investment to make if you'd invested in the ICO stage! £1000 invested would now be worth £34,000 ($43900)! In just 3 months that is very impressive!

So what is Monaco?

Put simply, Monaco is one of the projects competing to become the biggest cryptocurrency supporting payment cards.

Making cryptocurrency easier and more accessible to the everyday user is a critical step to accelerating the growth and longevity of the market overall, and Monaco is helping toward that.

'You can top-up your card with BTC/ETH and soon other ERC20 tokens. When you swipe the card, we convert an increment of your BTC/ETH/ERC20 tokens on the fly, just enough to settle the transaction. The rest sits securely in your wallet, potentially appreciating in value.' Source - mona.coThe technology is revolutionary because it allows users to use their crypticurrencies on the card without incurring any fees. Monaco guarantee the best exchange rate possible, using live prices from perfect interbank exchange the second a transaction is made.

TenX (PAY) is one of many similar projects, but at the Monaco is steaming ahead at the moment in terms of token price. Read more about TenX

The ICO market is booming and new ones are constantly being introduced to the market, however there are growing concerns that there are too many being introduced to be sustained. The cryptocurrency market as a whole could be affected as investors see potential and may begin moving assets from their current holdings into these newer ICO's in hopes of making bigger gains.

Monaco though have done an incredible job at launching and growing their platform and have received a great deal of positive press and response online and the future looks bright!