Crypto.com

Adoption of cryptocurrency in the mainstream financial markets has always been a point of interest for the world. Beyond the abrupt rising and falling of cryptocurrency curves, the world wants a bite of the decentralization this technology offers. Like clockwork, the tech industry has responded with a product to satisfy this query.

Crypto.com is a pioneer application that allows users to buy or trade cryptocurrency, securely and easily almost instantly. Founded in the year 2016 in Hong Kong, the application, originally named Monaco, aimed to accelerate the transition from fiat to cryptocurrency. In Jul 2018, Monaco bought Crypto.com domain for a record $12 million. Since then, Cryto.com has been installed by over 100,000+ users on Google Play and arguably as any times on AppStore.

Wallet
Crypto.com offers a dedicated wallet to its users who can send and receive fiat and cryptocurrencies between these wallets, instantly and free of charge. The app supports 32 cryptocurrencies and allows conversion of crypto to fiat for 7 currencies namely USD, EUR, GBP, SGD, HKD, JPY, and AUD. The customers who want to use an external wallet, will have to pay a minimal fee to withdraw currencies. The wallet app also lets you track more than 200 cryptocurrencies including prices, market capitalization and percentage change so that you can make an informed decision every time you opt for trading cryptocurrencies.

Buying Cryptocurrency
Customers can buy cryptocurrency directly from the application through one of these five ways:

Credit/Debit Card: With a charge of 0.1 USD to verify your card, you can buy any of the 32 cryptocurrencies available on the application.
USD Bank Transfers: For eligible US consumers, bank transfer via ACH is an inexpensive way to buy cryptocurrencies. Simply add your residential address, Social Security Number and the wallet will now accept USD transfers from bank accounts matching your name.
EUR Bank Transfers: For customers who have SEPA bank accounts, IBAN can be used for EUR deposits. After setting up, Crypto.com will accept EUR transfers with bank accounts in your name.
TransferWise and PayPal: Customers can also transfer funds into their Wallet App using these electronic payment platforms to top-up fiat wallet. These payment methods use EUR IBAN facility (for SEPA) and the USD ACH (for USA).

Keep in mind that once in the wallet, the funds cannot be transferred outside the wallet. They can only be used to but cryptocurrency or to top up your MCO Cards.

Tokens

CRO and MCO are two tokens Crypto.com relies on for effective transactions. CRO is the native Crypto.com chain token that enables cross-asset intermediary currency settlement. For instance, if the customer pays with BTC and the merchant demands ETH, CRO will be used to enable the exchange. All network participants writing transactions on the Crypto.com chain will have to use CRO Token to settle block transaction fees while all participating nodes in the Crypto.com chain will be rewarded in CRO Token for processing and validating transactions on the network. CRO is available on 18 different exchanges globally. By buying gift cards via the app sending CRO to friends, customers can cash back as much as 10% of the CRO spent.

Pay Rewards on Crypto.com
Source: crypto.com

MCO, or Monaco, is the app’s native ERC-20 utility token. MCO cannot be mined but issued in response to deposits in the Crypto.com wallet. In May 2017, Crypto.com made $26.7M in one single round of Initial Coin Offering (ICO). The ICO was held for 30% of their MCO token supply. MCO is listed on 18 exchanges that include Binance, Bithumb and, Bittrex.

Staking
‘Stake’ or ‘staking’ is the holding of MCO in your wallet for a period of 6 months. The app offers a lock-unlock option for MCO tokens present in the wallet. MCO tokens that have been ‘locked’ for a period of 6 months, open a bundle of benefits for the users. This includes higher interest returns on your crypto assets, reduced credit fees by up to 20% and a 50% discount on all fees for Crypto Invest product. Customers can also choose their desired MCO Card once they have staked enough MCO for it.

Visa Card
Crypto.com offers beautifully crafted MCO Visa approved pre-paid cards for customers that enables spending of their cryptocurrency in the online and offline world at more than 50 million merchants. The Wallet App also enables customers to manage their MCO Visa Card. To get access to the VISA, except Midnight blue card, a customer has to stake MCO tokens in the app for 6 months. The cards come in 5 different tiers:

Midnight Blue
Midnight Blue is an entry-level prepaid VISA debit card that doesn’t require MCO staking. Withdrawals can be made of up to $200 or exchange $2000 using Interbank for free. After this, you’ll pay 2 percent ATM withdrawal fees and 0.5 percent interbank conversion fees.


Ruby Steel

With 50 MCO staked, you can unlock first composite metal MCO Visa, which is a prepaid debit card with one percent cashback, limits doubled to $400 and $4000, wallet cashback rewards of 0.2 percent and a 10 percent referral bonus plus $20 each for referring up to five friends, and 50 percent off investment fees.


Jade Green/Royal Indigo

With 500 MCO staked, you unlock these beautifully crafted metal cards. With these, your cashback reward increases to 1.5 percent (card) and 0.4 percent (wallet), limits increase to $800 and $10,000, and referral fees increase to 15 percent and $40 each for 10 friends. You also gain access to LoungeKey airport lounges.


Icy White

Staking 5000 MCO, Icy White Card unlocks. The cashback reward on this card increase to 1.75 percent (card) and 0.8 percent (wallet), referral bonuses increase to 20 percent and $80 each for 50 friends, and you can even bring a friend with you to the lounge.


Obsidian Black

50,000 MCO locked in your account qualify you for the top-tier black card, with cashback increased to 2 percent (card) and 1 percent (wallet), free transaction limits raised to $1000 for ATMs and unlimited Interbank, and referral bonuses maxed out at 25 percent and $100 each for 100 friends.

Crypto.com Visa Cards
Source: crypto.com

As a precautionary measure, you will be able to block your MCO Card instantly from the Crypto.com App. There are daily velocity limits on number of transactions and volumes. Suspicious activity like online purchase higher than customer’s average ticket size at a new merchant is monitored by the processing platform, resulting in declined transactions. Cardholders will also be able to file a chargeback just like you would with your credit card.

MCO Obsidian Black and Icy White Visa Platinum Card holders can also enjoy the services of MCO Private, a crypto concierge dedicated to premium customers which will allow card holders to receive:
– Advice on digital asset custody services so that they can make informed and secure decisions.
– Assistance with Over-the-Counter (OTC) transactions.
– Exclusive access and invitations to industry events that host market leaders.
– Preferential allocation terms for competitive investment opportunities.
– Dedicated customer support via phone.

Benefits
Along with these, MCO VISA cards offer additional benefits to the consumers. These include:
– Travelling: 10% purchase rebate on each Expedia or Airbnb booking
– Music: Get 100% rebate for your standard subscription plan on Spotify
– Movies: Get 100% rebate for your standard subscription plan on Netflix.
– Cashback Rewards: Up to 5% back on ALL spending, local or overseas, no minimum or maximum spending required.

Earn using Crypto.com
Customers can deposit their preferred crypto into Crypto Earn to start accruing interest daily. There are 2 fixed holding options, a 3-month term and a 1-month term, as well as a flexible holding term. For the period of 3-month period, Crypto.com returns 16% on CRO, 10% on supported stablecoins and 6% on supported coins. For 1-month, the return rates are 14% on CRO, 8% on supported stablecoins and 4% on supported coins. The flexible holding term is on 12%, 6% and 2% respectively.

If the customer has more than 500 MCO coins staked, the interest rates change substantially. For 3-month period, the rate changes from 16%, 10% and 6% to 18%, 12% and 8% for CRO, supported stablecoins and supported coins respectively. Similarly for 1-month and flexible cash-out, the interest rate increases by 2% for all 3 categories.

Crypto.com also allows users with 500, 5k or 50k MCO staked for Cards will “Auto-Earn” interest at 6%, 8% and 8% per annum respectively from Crypto Earn while they keep their tokens staked.

The supported coins in Crypto Earn are BTC, ETH, LTC, XRP, MCO, BNB, BAT, LNK, MKR and DAI. The supported stablecoins are TUSD PAX, USDT and USDC. The maximum investment limit is USD $1,000,000 and more than one deposit can be made to avail different terms. The minimum amount in cryptocurrencies to avail this program is as shown in figure. (Source: crypto.com)

Minimum Deposit Crypto.com

In the four stablecoins category, PAX, TUSD, USDC are not available for Singapore users and USDT is not available for U.S. and Singapore users. Except the users from Hong Kong SAR, Switzerland, or Malta, everyone can use Crypto.com Earn. The company plans to introduce the program in these countries very soon.

Investing With Crypto.com

Crypto.com offers users options to invest in cryptocurrency with the app. With three modes, namely Low Risk, Medium Risk and High Risk to choose from, you can hold the reign to your financials. The minimum requirement for investment is $20 while the maximum is $50,000. The deposit is made in BTC which is then converted into other cryptocurrencies depending on the selection of your mode. The allocations and holdings remain visible to the customer at all the times so that you can track the performance of your investment.

You can withdraw at any time after investing. Crypto.com offers presets of withdrawal like 25%, 50%, 75% or 100% or you can withdraw your own heart. Keep in mind that the withdrawal amount might have some discrepancy owing to the fluctuation in monetary value of cryptocurrencies during processing to complete the withdrawal.

Crypto.com charges only when you make money. If you have MCO staked then the Invest fees is 9% of what you make and if you do not have MCO staked, the value goes up to 18%. The fee is received daily at 00:00 UTC.

Earning tokens

Crypto.com has quite a few ways to let you earn MCO’s. Customers holding MCO Tokens in the Crypto.com App are eligible for receiving token airdrops for selected token listings in the Wallet
App which will be proportional to the MCO Token staked in-app. 10% of CRO ever created is set aside as airdrop to consumers who hold MCO. Another way of earning tokens is the referral program called BG50 (Both Get 50). This program lets you earn 50$ for each sign up and successful transaction that your friends make. There are no referral limits and you can get instant 50$ (in MCO) for as many people as you want. Previously Platinum referral program gave commission (% net fees on referral transactions) before introducing BG50 but owing to continuous support viewpoint, for people that continue their MCO staking, following is the percentage rewards they will get. (Source: crypto.com)

As a token of gratitude from us at cryptostarter.com, use referral code 7nj57xub98 and earn $50 instantly.

Upcoming for Crypto.com
The MCO Visa Cards are currently undergoing global testing prior to shipping in Asia, Europe, and the United States and will be available very soon. After this, Crypto.com plans to extend their market to Asia-Pacific and then to Europe. With expansions in pipeline, the value of the tokens and the popularity of the app is predicted to see a green arrow very soon.