Monaco, a Switzerland headquartered payments and crypto-currency platform, has received approval for its prepaid card programme from a card issuer in Singapore.
The card issuer is a fintech firm for payment processing and issuing products.
Monaco Visa prepaid cards will work anywhere Visa is accepted, allowing the customers to spend legal tender currency converted from crypto-currency without currency exchange fees.
Monaco will manage all the crypto-currency exchanges to legal tender currency before the users transact on the Visa network.
The Monaco app users can also buy and exchange crypto-currencies, including bitcoin and ethereum.
iOS and Android customers Singapore can now download the Monaco app and select Monaco Visa prepaid card from available five options, including the Monaco Visa Platinum prepaid cards, and complete the on boarding process to register for the waiting list.
Monaco co-founder and CEO Kris Marszalek said: “Our team has worked incredibly hard over the past year to achieve this milestone. This is an important step towards Monaco’s vision to introduce crypto-currency to the mass market.
“We believe that the Monaco card programme lays solid foundation for Monaco’s growth, and we’re grateful to all partners for their support.
“The demand for the Monaco Visa prepaid cards has exceeded our expectations with over 17,000 cards reserved, based on word of mouth alone. With perfect interbank exchange rates, and 0.75 percent crypto-currency cashback on all transactions, the Monaco Visa prepaid card will become the card of choice for consumers.
“More perks will be added over time to turn the Monaco Visa prepaid card into a dominant force in payments.”