Litecoin has joined the MCO cryptocurrency platform, expanding the digital wallet's coin offerings to five. The seventh-ranked cryptocurrency by market value, now worth over $4.3 billion, sits alongsi
Litecoin has joined the MCO cryptocurrency platform, expanding the digital wallet's coin offerings to five. The seventh-ranked cryptocurrency by market value, now worth over $4.3 billion, sits alongside bitcoin, ether, Binance Coin, and MCO's own token on the platform.
MCO, rebranded from its earlier name Monaco, lets users buy, sell, transfer, and spend cryptocurrencies through a mobile app. The company reports 180,000 app downloads and more than 88,000 reservations for its MCO Visa card.
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"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," Kris Marszalek, co-founder and CEO of MCO Technology, said in a statement. "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 launched its mobile app in open beta in May 2018, two years after the company's founding in Switzerland. The startup raised $26.7 million through an initial coin offering in mid-2017, one of the largest ICO fundraising efforts at the time.
The platform serves users seeking to purchase and manage cryptocurrency holdings on their phones. The Visa card integration will eventually support transactions in seven different currencies, with users able to check their spending history, get real-time updates, and lock the card from the app.
MCO Technology has outlined additional features in development. An automated crypto investing service will let users construct diversified portfolios with minimal effort, handling buy and sell orders automatically. Withdrawals carry no transaction fees, though the company plans to take a share of profits users earn.
A credit product in development will extend credit to platform users based on their holdings. Users with MCO tokens can borrow up to 60 percent of their holdings' value, while those holding bitcoin can borrow up to 40 percent. The cryptocurrency holdings themselves serve as collateral for these loans.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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