Monaco, a cryptocurrency card payments platform has received approval from Visa, one of the largest payment processor in the world. Following this green light, Monaco's prepaid card program will allow its customers to spend cryptocurrency at any of Visa's 44 million merchants worldwide.
According to a press release shared yesterday, the integration will first be available to residents of Singapore, with five categories of cards for customers to pick from within its Monaco app.
Kris Marszalek, Monaco's chief executive officer, revealed Visa's foray into digital currencies was made possible Wirex AG, the firm's card issuer.
"This is an important step towards Monaco's vision to introduce cryptocurrency to the mass market," he said on Tuesday. "The demand for the Monaco Visa prepaid cards has exceeded our expectations with over 17,000 cards reserved, based on word of mouth alone."
As a pioneer in the card payments space, Monaco is solving a growing pain for this nascent industry by providing options for converting between cryptocurrencies and regular currencies. The partnership allows Monaco to convert legal tender fiat currencies into Bitcoin and Ethereum for its clients whether it is spending at merchant stores of buying cryptocurrencies or buying for investing.
"With perfect interbank exchange rates, and 0.75 percent cryptocurrency cashback on all transactions, the Monaco Visa prepaid card will become the card of choice for consumers to turn the Monaco Visa prepaid card into a dominant force in payments."
Other companies in the industry have been turning to Visa for approval to offer their customers more choice in how they can fund their bank accounts or spend at stores. Programs by US payment processor BitPay and US Bitcoin Exchange Coinbase with their Shift Card have previously received approval.
Despite the news, the price of Monaco on cryptocurrency markets was down 75% to $5 since yesterday, continuing a prolonged period of decline from its $25 peak in September.