Litecoin, the seventh largest cryptocurrency by market capitalization at more than US$4.3 billion, has been added into the MCO cryptocurrency platform and mobile wallet, joining the four other cryptocurrencies available on the platform, bitcoin (BTC), ether (ETH), Binance Coin (BNB), and the company’s own MCO token.
MCO, formerly Monaco, is a cryptocurrency platform that allows users to purchase, exchange, transfer and spend cryptocurrencies from their smartphone. MCO Technology, the company behind MCO, claims more than 180,000 mobile app downloads and over 88,000 MCO Visa card reservations.
“By listing Litecoin on the MCO Wallet app, we are deepening both the functionality of the app for users and transforming into a go-to, intuitive cryptocurrency exchange platform,” said Kris Marszalek, co-founder and CEO of MCO Technology.
“Our support of Litecoin marks an essential step in [expanding the variety of cryptocurrencies available to our platform users] as we strive to broaden the audience of cryptocurrency spenders and investors.”
MCO Technology, a company founded in 2016 and headquartered in Switzerland, launched its mobile app in open beta in May 2018 after raising a whopping US$26.7 million in its initial coin offering (ICO) in mid-2017 – one of the most successful ICOs at that time. The company claims the platform is designed “for consumers seeking a streamlined, secure approach to buying, exchanging, and sending cryptocurrency.”
The digital wallet is to work with a Visa card that once available will allow users to manage their spending in seven sovereign currencies and make purchases overseas. Through the online platform, users will be able to track their exchange and ATM usages, receive real-time transaction information, and freeze the card with a single tap.
Besides the Visa card, other upcoming products MCO Technology’s roadmap that will be integrated directly into the MCO Wallet app include MCO Automated Crypto Investing, a cryptocurrency investment robo-advisory service, and MCO Crypto Credit, a credit offering.
MCO Automated Crypto Investing will allow users to invest in cryptocurrencies, and easily build a portfolio. The offering will come with several features including automated buying and selling, and users will be allowed to withdraw their funds at all times without any transaction fee. MCO plans to charge a fee only when users make a profit.
Meanwhile, MCO Crypto Credit will offer a credit of 60% and 40% worth of the value of a user’s holdings in MCO tokens and bitcoins, respectively. Holdings in MCO and bitcoins will act as collateral.