Visa (TIKER: V.NYSE) has approved Monaco cryptocurrency’s prepaid card for issuance to Singaporean residents, Bloomberg reported.
“The demand for the Monaco Visa prepaid cards has exceeded our expectations with over 17,000 cards reserved, based on word of mouth alone,” Kris Marszalek, Monaco’s chief executive officer, said in a statement.
There will be five categories of the prepaid card to choose from and users in Singapore can download and register for it using the Monaco app. The card will be accepted by the merchant on the Visa platform.
Also, before the transactions go on the Visa network, Monaco will manage all cryptocurrency to fiat conversions.
Kris Marszalek said: “Our team has worked incredibly hard over the past year to achieve this milestone. This is an important step towards Monaco’s vision to introduce cryptocurrency to the mass market.”
Monaco has said Singapore is only a starting point for its prepaid card program.