Cryptocurrency Monaco rises 695% on deal with Visa that didn’t happen

The five largest cryptocurrencies—Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin—all posted gains on Monday. Photo: AFP

New York: A form of digital money known as Monaco gained as much as 695% in value since 17 May, when its issuing company tweeted that it would offer a Visa Inc.-branded payment card. Monaco didn’t have a deal with Visa.

Later that month, Monaco put out a press release describing the benefits of its Visa-branded card.

Again, no agreement with Visa.

Monaco is, however, working with a Visa-licensed issuer, Wirecard AG. As far as Visa goes, Monaco is being vetted through the credit-card issuer’s review process, according to spokeswoman Lea Cademenos.

Cademenos didn’t say how Monaco’s decision to promote two non-existent relationships with Visa would affect the review process. Wirecard didn’t return requests for comment.

“In retrospect, we probably wouldn’t put the Visa name on there yet,” Kris Marszalek, Monaco’s chief executive officer, said in…

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