Monaco Purchases 'Crypto' Domain Address for Undisclosed Amount

Monaco Purchases ‘Crypto’ Domain Address for Undisclosed Amount

Crypto.com, one of the most well-known and prized digital currency-based web domains, has been sold to the Monaco crypto project. The site was first registered 25 years ago by University of Pennsylvania professor Matt Blaze.

Also see: On the Matter of Fungibility: Making Bitcoin a True Currency

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Rebranding Monaco Going Forward

The site was purchased by Monaco, which is known for its crypto-backed Visa debit card and its MCO token. Company CEO Kris Marszalek says the venture will rebrand itself as Crypto.com, and explains:

“This is a very powerful identity we are taking on. It’s representative of the entire [cryptocurrency] category, so it comes with a huge responsibility on us to carry the torch. We don’t take it lightly, and this is one of the things that I think we conveyed successfully – that as a company, we do have a higher purpose.”

We Thought Blaze Would Never Sell

Blaze, a member of the board of directors of the Tor Project, said many offers on the domain have arisen over the years as the cryptocurrency space has garnered further interest and legitimacy. However, Blaze repeatedly turned them down and remained adamant, until just recently, that he would not sell.

Monaco
Monaco’s new website.

In addition, Blaze comments that “crypto.com” was never meant to serve as a shortened term for “cryptocurrency,” but rather “cryptography.” In fact, the university professor and Tor advisor isn’t even a fan of digital currency and warns against investing in it on his personal website.

“Many cryptocurrencies are scams, and I strongly advise against their use as investment vehicles,” it reads.

Why Monaco, Why Now?

Monaco is now the recipient of the coveted website. Some claim the site was worth anywhere between $5 – 10 million USD, though at press time, the buying price remains undisclosed. Blaze has also refused to state why he suddenly chose to sell, though Marszalek comments, “If it was only about money, he’d have sold it a long time ago.”

Monaco’s ICO finished in June 2017. Overall, the company raised $25 million in cryptocurrency funds. Now, those funds have increased to approximately $200 million thanks to surges in the valuation of currencies like ether, and for the most part, Monaco remains relatively well-established.

Pushing Ahead

However, the company did garner criticism last year for advertising its Visa-branded debit cards before earning approval from Visa itself, approval that didn’t occur until last November. The company’s MCO token was founded in 2016 in Switzerland, along with its mobile wallet app and automated crypto-investment system.

“Fundamentally, blockchain and crypto will enable [the next generation] to control their money, to control their data, and to control their identities,” Marszalek asserts. “These are the three fundamental things that weave the fabric of society. For us, this is the purpose; we want to accelerate the world’s adoption of cryptocurrency.”

Indeed, hat acceleration starts with the purchasing of the project’s new website.

Will Monaco do right by rebranding to Crypto.com? Post your comments below.


Images via Steemit, Crypto.com

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