Monaco acquires CRYPTO.COM as Part of Rebranding

Jul 9, 2018 at 01:31 Update Date :Jul 9, 2018 at 01:31 UTC

Matt Blaze, the college professor who had registered the domain in 1993,  has surprisingly agreed to sell it, despite having strongly and publicly refused to sell it earlier. Blaze has reportedly sealed the deal with Monaco, a cryptocurrency debit card company recently, for an amount still not made public. Even though there’s no confirmation as to the price that has been agreed on for the domain, a report from the experts of The Verge estimates the value of the domain at about $10 million.

This news comes as a shocker to most people working in the digital currency space since Matt Blaze had expressed his staunch refusal to sell the domain repeatedly earlier despite proposals flowing in from every quarter of the cryptocurrency space. Blaze, who works in the field of cryptography, had even responded to a proposal via a tweet that said “For anyone else trying to contact me for this reason, don’t bother. Not for sale.”

Reasons for the change of mind are still unclear although Kris Marszalek, the CEO of the buying company, has suggested that money was not the sole motivator. However, the reasons on the part of Monaco seems to be clear than Blaze’s. The company, which has been seeing a slump recently, is looking to rebrand and reposition itself, with the new domain name. It had faced a difficult phase in 2017 after a report called the bluff on claims that it was on its way to partner with VISA. Scam allegations followed and the value of its MCO token fell by almost 40%. The domain name will become the new name for the company with MCO (name of its currency) will be adopted for the purposes of its Visa card and wallet.

Since the name resonates with the identity of the entire cryptocurrency space, Monaco is clearly taking on quite a bit of responsibility with this rebranding. Marszalek stated that as a company, Monaco does have “a higher purpose” to fulfil and that that the company is well aware of the responsibility of carrying “the torch”. It remains to be seen how much the renaming campaign affects Monaco’s valuation and whether or not it propels it to a more favourable position.

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