The CEO of Monaco, the cryptocurrency credit card company that last week bought the domain crypto.com, believes that the substantial dip in the price of bitcoin and other cryptos is healthy for the market.
Talking to CNN Money at the TechCrunch conference in Switzerland last week, Kris Marszalek - CEO and co-founder of the comapany - discussed their VISA-compatible crypto credit card as well as the state of the market in general.
Now rebranding from Monaco to Crypto.com, the company offers a range of cryptocurrency products including a selection of VISA-compatible credit cards that can be used as a normal card - as Marszalek explained:
We’ve got a card that works on the visa network you can spend crypto with it all around the word, generous cash back airport lounges for free…I just bought two coffees – it’s a working product…Our mission is to accelerate the world’s transition to cryptocurrency you can use our card anywhere visa is accepted.
When questioned about the volatility of cryptocurrencies and the ramifications for day-to-day purchases, the CEO took a longer-term perspective:
I think the decline in the price is actually a good thing for the market because it reduces the hype surrounding it and companies… can focus on building great products that people can use…I think last year the market got a bit ahead of itself, right now this is a very healthy correction.
You will see that the companies that raised tremendous amounts of capital last year right now are starting to roll out products where you can actually use crypto and have actual benefits from it and not just using [sic] it as a tool for speculation
Based in Hong Kong, the company launched in 2017 with an ICO for its MCO token - raising $27 million by the end of the sale in June – and last week made headlines for its acquisition of the sought after crypto.com domain.
Originally registered by computer scientist Matt Blaze in the 1990s, the domain reportedly fetched up to $10 million – although no precise amount has been confirmed.