A form of cryptocurrency known as Monaco shot up in value around 695% since the date of May 17th. The company had tweeted that it would be offering a Visa Inc. branded card. This would help to legitimize one of these currencies that stands in a market that some see as illegitimate.
Monaco continued to state their partnership with the issuance of a Visa branded card, but not one word from Visa came out on the situation.
Information later came out that Monaco was working with one of Visa’s licenses issuers named wire card AG. Visa’s only statement has noted that Monaco will be vetted through their review process to then figure out whether or not they can receive the card that they have so profusely offered up.
Visa did not however state why Monaco would continuously advertise their partnership with Visa given they have no relationship currently. The spokeswomen stated that this may have adverse affects on the application that they submitted.
Kris Marszalek, Monaco’s chief executive officer came out with a statement that “in retrospect, we probably wouldn’t put the Visa name on there yet. It probably would have been more prudent to just leave it out until everything is done.”
During a press release on August 31st, Monaco stated that they would release a mobile application along with their release of five payment cards. After that statement was made, the value of the currency dropped around 29%. Looking at all the drops and raises since May 17th, Monaco’s value has almost tripled in such a short period of time.
The currency has since dropped by around 10% but no plan seems to be in place as to what will occur next. With a market based a lot on speculation, it will be difficult to predict the companies next move.