Cryptocurrency Startup Monaco Rebrands As CRYPTO.combr>
Cryptocurrency payment platform Monaco is rebranding to CRYPTO.com after buying the domain at an undisclosed amount.
Founded in June 2016, Monaco allows users to buy, exchange, and spend fiat and cryptocurrencies, such as bitcoin and ethereum. Last year, Monaco raised $26.7 million in its initial coin offering (ICO). The company is headquartered in Switzerland with offices in Hong Kong and Singapore.
Registered in 1993 by cryptologist Matt Blaze, CRYPTO.com has drawn a lot of attention from crypto companies all over the world, but Blaze has turned down all offers. Earlier this year, Blaze said the domain is concerned with cryptography, computer and network security, and technology policy research, and does not trade in or provide services related to cryptocurrencies. He also claimed that the use of crypto as an abbreviation of cryptocurrency, instead of cryptography, would have “bad consequences for both cryptography and cryptocurrencies.”
On Friday, however, Monaco announced that it has acquired the domain. While the details of the deal remain undisclosed, experts told the Verge earlier this year that CRYPTO.com might be worth between $5 and $10 million.
Kris Marszalek, Co-Founder and CEO of CRYPTO.com, said the domain will give them a powerful new identity in line with their original vision to put cryptocurrency in every wallet.
“As the name we are taking on is also representative of the entire space, it comes with a huge responsibility to carry the torch,” Marszalek said. “We will strive to deliver impact worthy of the name and build infrastructure that enables growth of the ecosystem, delivering on the promise of a decentralized future.”
With the domain acquisition, Monaco’s integrated portfolio of consumer cryptocurrency products – including the wallet app and Visa payment cards – will be branded as “MCO” to align with the name of the company’s token. The company said that the rebrand to CRYPTO.com will not affect their MCO Visa Card rollout schedule.
“Today, we’re also releasing the MCO Whitepaper 2.0, which unveils a comprehensive and integrated suite of consumer financial services built on and enabled by blockchain,” Marszalek said. “Collectively, these products will change how customers spend, move, and invest money. We are very fortunate to have built a world-class team over the last year and I couldn’t be more proud of what the team has delivered.”