Monzo and Crypto - Time to adapt?

Feedback & Ideas
21

A new currency? I could go for a Monzocoin

1 Like
22

Monzocoin :thinking:

How did you come up with that name, it’s catchy.

Probably not as it requires moderation and not just coral crew closing it cause they don’t want to deal with it.

23

There are a million “Monzo need to do crypto” topics:

Just a quick search and I found this one from 2016

and this one:

And this one:

And so on…

Plus as mentioned the one that got locked, which it could also be merged into.

2 Likes
24

This is where the muted button comes in handy :joy:

2 Likes
25

I’d be open to the idea of bringing this all back together into one Topic to keep everything tidy and to de-stress @Ordog.

I know @Peter_G loves a poll :eyes:

3 Likes
26

Incorporating it now would allow Monzo to gain market share early on, and continually adapt as it grows. Why would they do it, only when it is more mainstream? I think even just allowing users to see their crypto portfolio within the app would be a great start and from there they can decide whether they think it would be useful for Monzo to actually allow crypto to be traded and used within the app.

27

Why let Ziglu take the market by storm, this is what im saying - monzo has the customer numbers to blow them out the water…

28

I would prefer if it stays as a separate topic, the last topic discussing this as Ordog mentioned was from 2016, I therefore think this new topic should remain.

Thanks, :slight_smile:

29

Also I am hoping for this to be more of a debate not a “What Monzo should definitely do” I like debates about topics currently hot in the media - its good to get opinions from both sides as to why or why not this would or wouldn’t work :slight_smile:

30

That’s not how it works I’m afraid and you’re doing more harm to your cause than good.

If there’s an idea, there is zero benefit spreading it across multiple topics. Just vote and add your opinion on that one :slight_smile:

2 Likes
31

You might be interested in this topic for that:

1 Like
32

“How would showing it app make Monzo profitable? By selling it and adding fees?”

Yes, mostly. It’s super convenient to not having to do transfers to and from exchanges. Not to mention that most bank would freeze your account.
Revolut makes lots of money, though their 2.5% fees are a rip off.
To put things in perspective, Revolut made 15 quids when I bought crypto and 18 quids when I sold it. I made 102 quids net profit, but Revolut made over 30 in just a couple days. How many months takes Monzo to make 30 quids from Monzo Plus? Compare it to profit in less than a week.

On the other hand, if Monzo will be not as greedy as Revolut, it might encourage people to trade more. With 1% fee they would still be making lot of money.

33

Tell that to El Salvador!

34

“quids” is not plural. I think that means lumps of chewing tobacco from a quick Google.

You can have 5 quid, but otherwise it’s 5 pounds. Sorry, I couldn’t resist :stuck_out_tongue:

35

Or compare it to how much support time is taken up dealing with fraud.

1 Like
36

But, to confuse the issue, one can be “quids–in” from a good deal.

1 Like
37

What fraud if you can’t send or receive crypto from outside?
You can only have crypto that you bought for fiat money from your Revolut account.

38

OK, I’m a foreigner, but thanks anyway.

1 Like
39

robot voice

Please state your polling requirements

\robot voice

Edit: if the question is…

Should Monzo do crypto, here’s one:

  • Hell no
  • Nope
  • Still no
  • Seriously
  • Put it on the Blockchain (no really don’t)
0 voters
40

Do we bring a bit more of a central discussion around crypto or do we feel that there isn’t much of a need :thinking:

We’ve had a few in the past but we can bring in a “mega Topic” and maybe think of some basics like no referrals etc.

1 Like