I’ve been meaning to ask this question for years and with the added interest now it seems like the perfect time.
Are Monzo looking into supporting cryptocurrencies in the future? It would be a massive achievement. Not only can I see my current account, my pots, my credit cards, my credit score I can also see my cryptocurrency holdings.
The effort required to support cryptocurrencies would be massive however as a Neobank it feels like a perfect fit. Monzo would then be competing with all UK banks as well as all the new UK crypto debit card providers which seem to be popping up everywhere.
The possibilities in this sector would be endless especially in the premium and tiered accounts. Many customers such as myself would suddenly be willing to pay for more features and as the industry is rising exponentially, so too could Monzos revenue here. I can even see a point a few years down the line where Monzo release their own coin ($MONZO) and scrap the premium cards altogether.
“Hold “x” amount of Monzo Coin and Unlock “x” perks”
I understand how long this would take and the difficulty involved but the world is definitely heading that way and Monzo were always at the forefront of innovation.
I would add a note that to innovate in this area, supporting cryptocurrencies shouldn’t be done the way Revolut currently have it. I personally tried revolut but find the fact that it is not fully integrated as you cannot transfer in and out of the accounts to be off putting. Monzo would be the first Neobank to fully support cryptocurrencies by adding real cryptocurrency wallets for their users to operate.