In a major overhaul, cryptocurrency startup Monaco is rebranding to CRYPTO.com, which it believes will reflect its “mission to accelerate the global development, adoption, and transition to cryptocurrency.”

The company has reportedly shelled out millions to buy this domain name. The domain was owned by cryptologist Matt Blaze, who in January told The Verge that it was “not for sale.” Experts believed that the domain name could have been in the $5 to $10 million dollar range.

Monaco CEO Kris Marszalek declined to reveal the details of the deal, TechCrunch reported.

“CRYPTO.com gives us a powerful new identity in line with our original vision to put cryptocurrency in every wallet. As the name we are taking on is also representative of the entire space, it comes with a huge responsibility to carry the torch. We will strive to deliver impact worthy of the name and build infrastructure that enables growth of the ecosystem, delivering on the promise of a decentralized future,” he said.

With this rebranding, Monaco’s integrated portfolio of premium consumer cryptocurrency products – including the wallet app and Visa payment cards – will be branded as “MCO”.

In addition, CRYPTO.com's MCO has published an updated whitepaper “which unveils a comprehensive and integrated suite of consumer financial services built on and enabled by blockchain,” Marszalek said.

Monaco completed its initial coin offering (ICO) drive last June and raised $25 million in crypto (according to the exchange rate at that time). Marszalek told TechCrunch that the company has close to $200 million on its balance sheet, driven by the recent surge in the prices of cryptocurrencies.