As the Monaco Visa ICO continues I would like to bring you some of the questions that have been asked by early contributors and people interested to the CEO Kris Marszalek. You can follow the conversation on their Slack channel as well. https://slack.mona.co/
These quuestions have been asked between Friday, May 19th and today, May 21. I hope this may clarify some of the simpler questions and help clarify some of their current issues and future plans.
Monaco CEO Q&A:
Q. One user asked the following question: “What is the status with Visa? Are you working on a deal or is it fixed?” A follow up question clarified: “If there is already a deal, what is your estimate of the risk of being kicked out of the VISA network in a way or another?”
A. Kris replied: “We have a signed deal with a principal issuer of VISA; as long as we comply with their program rules, we will stay there – to be clear that means we will not be doing crazy stuff like some other crypto cards out there – we will have 100% KYC on every single customer who wants to open an account.”
Q. “How many Devs do you have currently working on the project?”
A. Kris: “We have a small team only, 2 full time, 2 part time, hiring heavily, but in my experience it’s not exactly a game of numbers… We had 50 devs in my previous co…. more does not equal better or faster.. It’s about the number of 10x developers that you have onboard.our approach here is to finish the token sale and open an R&D office in Shenzhen China, across the border from HK. Shenzhen is where Tencent HQ is, lots of talented devs who built products for 100m+ users. China is leading in fintech, and is a substantial % of volume of crypto.”
Q. “Can you tell us something about limits on withdraw, deposits, etc on the Monaco Visa card? Won’t you have same problems with visa like TokenCard?”
A. Kris: “Limits are not a big deal -> it’s only a function of how much KYC we do on you. If you personally need higher limits, we will ask you for things like proof of address. Even more limit? More documents. On the withdrawals, etc – we’re setting up the velocity rules around withdrawals as we speak, the objective here is to protect users from fraud more than anything else. We’re committed to complying with all VISA rules, so we do not expect any issues. They have been very supportive thus far.”
Q. “May I know how do I qualify to get the VISA card? How much should I contribute? Also, is it possible for me to get a few cards issued under different names?”
A. Kris: “You can contribute as little as 0.1ETH for a basic Monaco Visa card. For a black Monaco Visa card, you need to be in top 499 contributors. We will have a new dashboard showing how much is needed for the black one. You can have cards issued under different names, but each person will have to do KYC separately after we launch (verify mobile phone number, photo of id/passport, take a selfie, pass PEP/Sanctions check).”
Q. There is a 1% fee for all transactions (swipe and exchange) of ETH/BTC. These earnings will accrue in the MCO Smart Contract, the rights to which will be held by community members who hold MCO tokens. “Is this true that all token holders will receive 1%?”
A. Kris: “1% goes to the asset pool, which you can redeem pro-rata (i.e. if the asset contract has US $100m of ERC20 tokens inside and you own 10% of all outstanding MCO, you are technically capable of exchanging your MCO for US $10m of the underlying ERC20 tokens. We think nobody will do it. What it means is that as the performance of the business grows and the scale increases, there is an asset that backs the price of our MCO token on the exchanges. If ERC20 tokens grow in value 40% per year, it’s US $200m in 5 years according to our forecast; 100% growth means the asset contract will be valued at $500m.”
Kris cautiously adds: “if the market continues like crazy (as it was this year so far) well….it’s hard to predict and we don’t want to make such overly optimistic projections.”
The final question i asked myself as I see it being a very attractive function of the Monaco Visa Card. “Kris, is it possible to have multiple cards linked to one address so they can function as “corporate cards” so different individuals in our organazitaion can pull from the same wallet?” Kris answered as follows, “this is on the roadmap for 2018 #hushhush”
Monaco Visa CEO Q&A Conclusion:
It seems that Kris and his staff have the right answers to the questions asked and have set a roadmap for the growth of the Monaco Visa for the coming years. We will have to see if they can execute and expand the abilities as they progress.
Join the Monaco ICO here.
UPDATE: Latest Interview:
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