I’ve not been a long time user of Monzo but so far, its proven to be a great money saver for me just simply by keeping track of my spending but here’s an idea that I would like to see implemented and that’s to allow Digital currency to be deposited into the Monzo card and use are normal currency, now before you close this post down, just hear me out and have a open mind.
Each day more and more people are investing into Bitcoin and other forms of digital assets and its actually cuasing concern amongst the other financial services, so much so that Goldan Sachs, JP Morgen, Visa and tech companies like Microsoft are looking into adopting the blockchain technology.
So wheres the idea for Monzo? Well as a investor into digital currencies, you get to hear various start ups on the grapevine which raise money in the form of ICO (initial coin offerings). Some of these companies are Card Services companies and direct compeition to Monzo. So who are they?
The recent Monaco card (Mona.co) raised $3 million in 3 days from their ICO and aims to bridge the gap between ‘Normal Currency’ and digital currency
TenX provides the same services in bringing the normal currencies to digital currencies together and vice versa (tenx.tech)
Monzo, has done a great job in providing a service from the direction of normal banking services, and i think it would be great if Monzo could incorporated Bitcoin/ Ethereum as a depositiable currency.
Anyway thats my idea, the ‘rival’ companies are there already. You can find the whitepaper on their respective homepage.
I really like Monzo and use it everyday and would want it to succeed, Let me know what you guys think of the idea and its feasbility.