Crypto.com

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This article explains the highlights of the crypto.com ecosystem

Crypto.com

Crypto.com is a pioneering payments and cryptocurrency company which boasts the world’s fastest growing app for buying and selling cryptocurrency. However, there is far more going on with Crypto.com, than just a mobile wallet. In this article, we will discuss the Crypto.com ecosystem, and why it has gained such a following. We will also discuss Crypto.com’s native token CRO.


Crypto.com was founded by Kris Marszalek, Rafael Melo, Gary Or and Bobby Bao in 2016, although it was originally branded as Monaco Technologies. The company later rebranded itself as Crypto.com on July 6th 2018. On October 22nd of that year, Crypto.com began shipping its MCO Visa card in Singapore. On November 16th – less than one month later – Crypto.com unveiled their plan to release their MCO Visa card in the United States, through a partnership with Metropolitan Commercial Bank.

As of now, Crypto.com has over 1,500 employees, and boasts a whopping 10 million+ users, spread across more than 90 countries. Crypto.com aims to make cryptocurrency more accessible as payment abroad, as well as everyday purchases. Crypto.com has grown to offer a wide range of products, including the Crypto.com wallet, the Crypto.com DeFi wallet, a selection of CRO Visa cards, and a full-service exchange.


The Crypto.com App

The crypto.com app allows users to both purchase cryptocurrency at true cost, as well as send and receive cryptocurrency transactions with zero gas fees. the primary purpose of this user-friendly app is to bridge the gap between cryptocurrency and every-day transactions. Crypto.com achieves this with the Crypto.com pay feature.

The Crypto.com pay feature allows users to purchase a wide array of eGift cards with cryptocurrency. These eGift cards can then be used to purchase goods and services. The eGift cards can be purchased using CRO, BTC, ETH, and LTC, however users who purchase gift cards with Crypto.com Coin (CRO) receive various percentages of cashback rewards, up to 5%. If users choose to stake CRO, their cash back rewards double, up to 10% in some cases.


Crypto.Com Visa Cards

One of Crypto.com’s largest claims to fame is their unique selection of Visa cards, which can be topped up directly with the users crypto. The first tier, Midnight Blue card is available for free from Crypto.com and grants users 1% cashback on all purchases. There are a wide range of other cards available for users who stake CRO for a 180 day period. The different amounts of CRO staked equate to larger cashback percentages, as well as a variety of other benefits. The lowest staking amount for example is $400 and comes with 2% cashback, and a free premium Spotify account. The top tier card by contrast, requires a $400,000 CRO stake, and gets you 8%cashback, Premium Spotify, Netflix, Amazon Prime, Expedia, Air B&B, Lounge Key airport lounge access, and a private jet partnership. All complementary.


Crypto.com DeFi Wallet

For those who prefer to keep their crypto keys to themselves, Crypto.com offers a non-custodial DeFi wallet. This wallet claims to be the most secure and flexible wallet on the market and offers users the ability to store and manage over 100 different cryptocurrencies. Crypto.com DeFi wallet users can earn interest on more than 10 tokens, with Compound, Yearn and Cosmos staking, with no lock-up terms and stable returns. The wallet also allows its users to farm and swap DeFi tokens, and allows users to increase their yield by 20X, by staking CRO.


Crypto.com Exchange

Crypto.com offers their own secure exchange, which keeps 100% of it’s users funds in cold storage and has even secured a $360M crime insurance policy to protect its users. The Crypto.com Exchange also utilizes company-backed hot wallets for day-to-day user withdrawals. If the Crypto.com Exchange was hacked, it would be Crypto.com loosing out, rather than the customer.

The Crypto.com Exchange has some interesting features; one of which is called “The Syndicate”. This feature allows users who are staking CRO to purchase newly listed coins on the exchange, for a 50% discount. The number of coins purchased at a discount is directly equated to the amount of CRO which the user has staked. The Crypto.com Exchange also offers a 2% bonus on deposits made within the first 30 days. Keep in mind however that the user will only receive these bonuses, after a six-month waiting period.

Unfortunately, the Crypto.com Exchange is not available everywhere. There is not a definitive list of places where the Exchange is or is not allowed, however as a basic rule of thumb, the exchange is not available anywhere which cryptocurrency is heavily regulated. It is important to mention that the Crypto.com Exchange is not available in the United States, for reasons unknown.


Crypto.com Coin (CRO)

As I’m sure you have gathered from this article, CRO is primarily used as a utility token on the Crypto.com network. Almost every feature offered by Crypto.com is only available to users in their most basic form; unless of course the user stakes CRO.

Back in February of this year, Crypto.com announced that they would be burning 70B CRO tokens, in what would become the largest token burn in history. This sent CRO into new all-time highs. Crypto.com got rid of their controlling number of tokens during this burn, which means the CRO token is highly unlikely to see radical price action like that in the future. The entire value of CRO exists purely in Crypto.com’s ability to connect cryptocurrency to everyday purchases. The value of CRO is directly tied to the gaining number of Crypto.com users, which can be evidenced by the chart below.


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